Is the AI Bubble Popping?

Hosts bet hyperscaler free cash flow turns negative in 2027 and that AI revenue likely falls short of $3 trillion by 2031.

• Meta's Vibes paradox: 10M downloads/2.5M active users for Meta's AI app Vibes boosts usage but adds costly compute via per-user virtual machines, with no monetization yet—echoing Reality Labs' long payback timeline.
• SpaceX's trillion-dollar gamble: Musk floated ~20 gigawatts and $500B-$1T in 2027 CapEx with a one-year payback, betting compute prices rise while Amazon and Meta bet the opposite (excess capacity, long-term deals).

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