[direct link](https://x.com/JayMartinBC/status/2086692921559097549) This is one of the most insightful videos on the AI bubble I have seen. He compares the circular investment structures in AI capital expenditures to the mortgages that went under in the 2008 financial crisis. None of these AI companies make money and none of them ever will. To pay their massive bills they need to keep raising more investor money. To keep doing that they need their valuations to keep growing at higher and higher rates. If the growth of their valuations even slows down we are seeing the beginning of the end.