AI's yearly panic is back. Here's what everyone's getting right and wrong about it.
Every summer since 2023, AI gets a panic season — critics say that AI's novelty i novelty's wearing off, the models have hit a wall, ninety-five percent of projects fail.
Each time it dominates for a few months, then dissolves. This year's arrived early, kicked off by Uber burning through its entire 2026 AI budget in four months with a COO who can't prove it was worth it.
But 2026's AI bubble panic is different, and not for the reason the coverage thinks: forty-five percent of the S&P 500 is now riding on AI working out. Same pattern as every year — much higher stakes.
In this episode of In…
The skinny
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