Did the AI bubble just pop?
Anthropic's IPO S-1 reveals losses exceeding GDP of half the world's nations amid AI market rout.
“demand for AI chips was insatiable”— Jensen Huang
A convergence of AI market stress signals—CoreWeave losing two-thirds of its value, Anthropic's S-1 disclosing staggering losses, Microsoft offering employee buyouts to fund GPU spend, and Meta creating non-voting stock for the same purpose—has triggered widespread 'bubble' questions. The video exposes Nvidia's circular financing model, where it funds companies to buy its own GPUs using those same GPUs as loan collateral, a structure Wall Street calls a 'circular financing arrangement.' This is a significant inflection point: the first time major IPO-level financial disclosures have quantified the scale of AI losses against real-world economic benchmarks.