sanitation — the part about collective selling as a valuation signal connects to something broader in credit too: when VC-backed AI companies start doing venture debt rounds on top of equity (which picked up noticeably in H2 last year), it usually means the equity window is quietly closing for them. They’re essentially confirming your thesis from the liability side. The question I keep coming back to is whether the hyperscaler capex commitments (Microsoft, Google, Amazon) create enough of a demand floor to slow the unwind even if equity sentiment cracks. Wrote up some notes on that tension — no clean answer but the range of outcomes is wider than consensus seems to price.

Well no shit. It’s a gigantic bubble. Doesn’t take a genius to notice.

The money is flooding in from people who see vast automated workforces and robot armies to protect them. What they do not see is who will buy the output and that those armies will determine no ultimate difference between the owners they are protecting and the population they are protecting them from.

It’s only going to accelerate as AI gets mote usefull.