Revenues accruing to hyperscalers from AI in many cases are coming from capital investments the companies are making in each other, lending each other money, and borrowing against chips as collateral, rather than genuine external customer adoption, representing artificial internal circulation of capital that masks the lack of external market demand.
factualpending
Speaker
Chris MeredithEvidence Quote
“the revenues that are there, in many cases, are coming from each other, making capital investments in each other, lending each other money, borrowing against chips.”
Source
We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead— Excess ReturnsCreated: 8/12/2026, 6:13:17 PM
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