You could have made a lot of money betting against Ed Zitron over the past few years. He has predicted 12 of the last 0 AI market crashes.

Of course past performance is no guarantee of future results, as they say.

tbf he only needs to be right once, and at the moment the question of profitability of these frontier companies is still open

I think it's only a matter of time, like the build-up to the financial crash in 2008 or the dot-com bubble. There's currently a huge amount of money being bet on the big AI tech companies without any real sense of return. And the companies like Oracle that are funding data centre build-out are sitting on unused GPU stock.

Recently, the Australian AI firm failed to secure an IPO [1], [2].

OpenAI is looking to go for an IPO despite shaky revenue [3], [4], [5], resulting in a stock drop for companies like Oracle invested in OpenAI [6].

Anthropic is in a similar situation: looking to IPO despite shaky finances [7], [8], [9].

The companies involved are all investing in each other and trading money between them leading to circular investment [10].

[1] https://www.wsj.com/finance/firmus-ipo-ai-trade-f490c240

[2] https://www.abc.net.au/news/2026-10-10/how-firmus-the-bigges...

[3] https://techcrunch.com/2026/10/08/openais-revenue-is-reporte...

[4] https://www.inc.com/chris-morris/what-openais-leaked-financi...

[5] https://futurism.com/future-society/ai-financial-bubble-open...

[6] https://www.cnbc.com/2026/10/08/open-ai-revenue-nvidia-oracl...

[7] https://www.investors.com/news/technology/anthropic-ipo-fili...

[8] https://www.newconstructs.com/wp-content/uploads/2026/10/Ant...

[9] https://www.tradingkey.com/analysis/stocks/us-stocks/2622154...

[10] https://graceblakeley.substack.com/p/the-ai-circular-economy