Deep dives into AI infrastructure stress signals, historical parallels, and the data behind the index.
NBER data shows 80%+ of firms report zero AI productivity impact. We traced every dollar through 5 layers: semiconductors, cloud, models, enterprise, and consumer. The base is paper-thin.
Read articleThe correction won’t start with Microsoft or Google. It starts with the debt-loaded middlemen and power stocks that priced in a decade of demand in 18 months. CoreWeave, Vistra, Constellation — the numbers.
AI infrastructure is just 4% of GDP but drove 92% of GDP growth in H1 2025. Strip it out and the economy grew 0.1%. The housing parallel, $120B in hidden debt, and what happens when they stop building.
The financial case for why the largest capex buildout in history may not pay for itself. Every number sourced, every claim cited.
Companies are cutting headcount and calling it AI transformation. But the layoffs track with infrastructure spending, not with automation. The data tells a different story.
More articles every week.
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