The AI bubble is now running on debt

· Better than Random · Nov. 9, 2026, 6:39 a.m.
Summary
The blog post discusses the evolving state of the AI industry, noting that it appears to be transitioning from a self-funded model to one reliant on debt and external financing. The author analyzes funding trends among major tech companies involved in AI development and highlights potential risks associated with this shift, including the sensitivity of demand to pricing and the impact of slowing revenue growth. Despite these challenges, the demand for AI remains strong, although the structure of funding is changing significantly.