ALT I think I get asked five times a week when this all ends, and I truly cannot answer you and, as some of you have noticed, get criticized for having tried to guess in the past. What I can tell you is that the bubble bursts when the money runs out. OpenAI and Anthropic need endless venture capital to fund their operations, and when that runs out — unless they can make it to the public markets — they will be crushed under their trillion-plus in commitments. 80% of OpenAI and Anthropic’s revenues come from venture-backed AI startups, which means that the underlying revenue growth of these companies is contingent on venture capital’s continual subsidies which, at some point, will run out. AI data center capex is almost-entirely funded by debt, which means that when that debt runs out, NVIDIA’s growth — and overall data center construction — will slow. Per Westside, data center construction starts fell by more than half in September 2026 month-over-month ($9.4bn, down from $25.8bn in Aug