AI’s Wildest Spenders Are Hitting the Accelerator

Published on July 31, 2026

For anyone worried about the gargantuan costs of developing artificial-intelligence infrastructure, it was comforting to think that Big Tech firms could just turn off the spending taps if demand for chatbots and coding tools didn’t pan out. That’s starting to look like wishful thinking.

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A Tale of Two Bubbles Defining a Third

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It’s true enough that history rhymes, even if it doesn’t necessarily repeat. But that creates danger when we pick up resonances from the wrong episode of history, particularly in the fraught task of identifying and avoiding speculative bubbles.

Wall Street’s Private Banks Are Vying for AI’s Paper Money Elite

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