Ed Zitron 谈 AI 基建为何陷入死亡循环

THE AI BUILDOUT HAS TURNED INTO A DOOM LOOP @edzitron explained why on my show this morning: Imagine you own a restaurant that's packed every single night. But the catch is that most of your diners are paying with money your own investors handed them, and the busier you get, the more you pay for your ingredients and your loan. That's the AI trade. There's so much AI debt hitting the market that it's now pushing up Treasury yields, and every chip order bids up the memory and copper that go into the next one. Meanwhile, by Ed's count, 70 to 80% of the AI revenue the hyperscalers collect traces back to OpenAI and Anthropic, two companies that are losing billions and can't keep the lights on without venture money. Ed puts the AI revenue reaching the big cloud companies at around $183 billion, against a buildout that needs trillions a year to pay for itself. Every month this keeps going, valuations have to climb higher just to find an exit, and that makes the ending even worse. And keep in mind, when this blows up, the losses land on YOU, because a lot of this debt is already sitting inside your pension and your life insurance policy.