[chiph]

I've been reading Bob's articles since he published in Infoworld. Could his next column be "Haha I fooled you - it was written by an AI"? I don't believe he would do that. Plus it'd be sophomoric - something that a man in his 70's wouldn't do.

> But the systemic risk is plain: when everyone is each other’s investor, supplier, and customer, one stumble can cascade through the whole ring.

We saw this in the early 2000's. AOL got most of it's online ads (revenue) from other dot-com companies. When the crash started, the first thing the dot-com companies did was cut back their ad spend. Which propagated through their ad agencies and into AOL. They were trading over $90 in 1999 and plummeted to $9 in 2002. Quite the fall.

When this bubble ends, someone is going to be holding the bag, and I suspect it'll be OpenAI (and similar firms). Datacenters can use their hardware for other customers (mostly). NVIDIA can go back to making consumer GPUs (which will be painful, but I believe they can weather that shift). But OpenAI is the middleman whose assets are software, employee skills, and now-worthless deals with other companies.