Okay, but the only part that’s specific to AI (that the companies investing the money are capturing more value than they’re putting into it) is now false. Even the hyperscalers are not capturing nearly the value they’re investing, though they’re not using debt to finance it. OpenAI and Anthropic are of course blowing through cash like it’s going out of style, and if investor interest drops drastically they’ll likely need to look to get acquired.