This whole thing really smells like one big Ponzi scheme.
A $250 billion backstop is an extraordinary amount of financial engineering for an industry that’s supposed to be the next industrial revolution: If AI demand is as inevitable as claimed, why does every new data centre seem to require increasingly creative financing and ever larger guarantees?
The banks wouldn’t give them the credit needed without this. This is one of the signs of the bubble crumbling. The question isn’t if the card house collapses, but when. We’re all waiting for it. Currently the can still cover for each other, but that strategy only goes so far.
They asked AI how much to spend.
Sam Altman has aged a lot.
Years of lying and hoping it pans out will do that to you.
I mean not defending Altman, but… aging in general does that, yes.
He was in his mid thirties now he’s in his early 40’s and his hair is graying… shocker I know.
But anyway, this is really hurtful to people who are just letting themselves age gracefully because it implies that they too must be conmen like Altman.
I just specifically mean every picture of him he looks terrified and exhausted, because he’s been lining up insane amounts of debt and deals that are not backed by real numbers.
I do not mean you have to be a lier or shitty person to be grey. But stacking up stress will grey you.
