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Zeitgeist — a spike by Chris Gathercole
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The More You Buy, The More You Lose

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  • Argues hyperscalers’ AI investment trajectory is structurally unsustainable despite NVIDIA’s claims of cost reductions (revised down from a claimed 25x to 10x with Blackwell).
  • Over $1.3 trillion invested in generative AI across hyperscalers, with no disclosed AI-services revenue to show for it.
  • Capex now consumes 24-43% of hyperscaler revenues, with rising debt costs and supply-chain inflation compounding the strain.
  • Describes a circular financing dynamic where companies must keep spending more just to justify prior spending — a hallmark bubble pattern.