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AI Cycle Monitor

Is the AI boom a bubble? Every morning at 7am ET, get up to ten stories that move the answer, one line each.

  • Bears New warnings that AI stocks or capex are overheated
  • Bulls The case that demand is real, and rebuttals
  • Labs OpenAI, Anthropic, xAI: revenue, burn, funding, IPOs
  • Hyperscalers & capex Spending guidance, data centers, power deals
  • Chips & hardware Nvidia, TSMC, memory, supply limits
  • The money Data-center debt, private credit, circular deals
Latest issue Saturday, October 3, 2026

Zitron says the $18bn of debt behind Oracle's New Mexico data center trades at 84 cents. PitchBook says Anthropic's growth is real; the $2tn price, less so. Eisman joins the bears.

★ Luminix's pick
PitchBook on Anthropic's real numbers Q2 revenue $11.5bn; most of loss non-cash

🐻 Bears

Steve Eisman on the AI bubble ▶ Asks who funds the labs' compute bills Marcus cites WSJ: 9% of GDP 𝕏 Capex math needs AI spend matching food Zitron: how AI changed the economy New: says WSJ's GDP chart muddies it

🐂 Bulls

BlackRock's Wei Li on Bloomberg ▶ Agents may spark adoption; energy a caveat

Hyperscalers & Capex

Amazon's $1bn data center pledge Says local opposition threatens US AI lead

Chips & Hardware

DBRS on Nvidia's $500bn financing Rated credit-positive for Nvidia, operators

The Money

Zitron on Oracle's $18bn NM debt 𝕏 Says it trades at 84 cents, distressed OpenAI's round closes: $20bn more SoftBank now ~13%, funded via junk bonds DealBook: data centers vs the 10-year Morgan Stanley: half of $3tn is debt

Exactly as subscribers received it. Written by Luminix's AI from X, the web and a few must-read feeds. Not investment advice.