Two possible sources:

1. People who are currently buying AI services realizing it's not all that useful to them and discontinuing their subscriptions. Note that this can come from a changing ecosystem as much as anything to do with the products themselves. I know a couple people running AI propaganda operations where a single person can now do what previously took a major media conglomerate; this is great for them, but if I personally know a couple folks doing this, it indicates that there are probably hundreds of thousands worldwide, and people are simply going to stop trusting anything they read on the Internet.

2. Rising interest rates from the Iran war. Suddenly the cash flows needed to finance all this datacenter and AI model expansion are much higher, and combined with #1, may not be viable.

1. Most AI datacenter plans and valuation are not tied to subscriptions, but from a more vague promise of "AGI," so this isn't likely to pop the bubble IMO (even if it does happen)

2. Historical precedent holds that governments are more likely to suppress rates to spur the economy during wartime.