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Premium: The AI Bubble is a time bomb, burdening hyperscalers with billions of new depreciation a quarter that will soon eat away profits, VCs with dead equity in fallen AI startups, and Oracle with hundreds of billions of unpayable leases. www.wheresyoured.at/premium-timebomb/

Nearly a year ago, I wrote that Coreweave was a timebomb — a rickety tower of debt and bad deals that was primed to blow. I could have made that argument about hyperscalers, NVIDIA and OpenAI. Everybody is waiting for somebody else to make AI a success. www.wheresyoured.at/premium-timebomb/

The AI bubble is slowly turning cash-rich, margin-heavy hyperscalers into something far worse. Far from being the asset-light, high-margin software companies they once were, they’re now bloated, filled with tens of billions of dollars in GPUs and data centers. www.wheresyoured.at/premium-timebomb/

And if something happens - like OpenAI dying - the odds of those companies (especially Microsoft) having to make an impairment - a massive writedown for all of these GPUs to the tune of $10bn+ as the demand disappears - further adding to the pain. www.wheresyoured.at/premium-timebomb/

The problem isn't just that OpenAI might die - Microsoft's AI revenues can't beat its ballooning depreciation. Sources tell me that in the latter half of 2025, Azure GPU rentals were at around $5bn ARR, and by end of 2025, Github Copilot had around $1.08bn ARR. www.wheresyoured.at/premium-timebomb/

Every hyperscaler has set up the conditions for ongoing depreciation-powered pain, having increased their PP&E by incredible amounts over a short amount of time, in some cases doubling or tripling it. www.wheresyoured.at/premium-timebomb/