AI Cyber Panic, Ken Griffin's Bubble Warning, The Fall of France?

AI spending is dangerously concentrated in unprofitable startups while France's debt crisis signals a fiscal reckoning the US may soon face.

• AI spend concentration: Chamath cites Ramp data showing ~1% of companies drive 90% of AI token spend, 80% of that from unprofitable VC-backed startups recycling investor cash.
• Open source gaining share: Enterprises (per Nikesh Arora) prefer open-weight models for explainability/auditability in regulated industries, and Ramp data shows GPU self-hosting rising vs. closed-model API spend.

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