Premium: What If...We're In An AI Bubble? (Part 3)
A trillion dollars in GPUs sounds like inevitability until you ask who is actually using them, where they’re going, and how any of this gets paid back. The interesting question isn’t whether AI is real. It’s whether the current scale story survives contact with construction timelines, customer concentration, and basic unit economics.
NVIDIA demand versus installed reality
Construction bottlenecks and the backlog problem
Revenue concentration in AI
Cash burn and the path to profitability
Token billing and ROI opacity
Credit markets and supply-chain exposure
What holds up and what doesn't…
The skinny
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