SHOW DIRECTORY
BG2
Open-source bi-weekly conversations with Brad Gerstner and Bill Gurley on technology, markets, investing, and capitalism.
SOURCE DESCRIPTION · RSS
AI Bubble, Stablecoin Boom, and Runnin' Down a Dream | BG2 w/ Bill Gurley and Brad Gerstner
Circular AI financing, including Microsoft–OpenAI credits and Nvidia’s CoreWeave capacity backstop, can turn investment support into reported revenue while obscuring demand weakness.Mag 5 CapEx reached 66% of operating cash flow in 2025, while OpenAI’s deals imply roughly $150B of 2030 CapEx and at least $150B revenue, intensifying hyperscaler concentration.The key monitoring points are neoclouds and startup chips further out the risk curve, state-level AI regulation, and whether incumbents allow stablecoin rails to scale.