The AI Bubble
SMRTR summary
The AI industry's massive infrastructure buildout — $725 billion in 2026 alone — is built on circular financial arrangements where companies invest in each other and count the returning spend as real revenue, mirroring the telecom fraud that collapsed in 2001. Meanwhile, the technology cannot deliver the AGI-level capabilities that justify the price tag, leaving a 26-fold gap between projected and actual revenue, with ordinary Americans' retirement savings increasingly exposed.
SMRTR provides this summary for quick context. The original article belongs to Hacker News.
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