Fuck AI

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Then there is CoreWeave, the cleanest loop in the pile. Nvidia holds an equity stake in CoreWeave that it has kept topping up. CoreWeave raises debt collateralized by the GPUs themselves and spends the majority of everything it raises buying Nvidia hardware. And Nvidia has agreed, per CoreWeave‘s 8-K, to buy back $6.3 billion of whatever capacity CoreWeave fails to sell, through April 2032. Vendor, investor, and buyer of last resort: one company, all three seats. And who rents the capacity? Microsoft alone accounted for about two-thirds of CoreWeave‘s revenue — the same Microsoft that owns 27 percent of OpenAI, which holds its own $11.9 billion CoreWeave contract. Four companies, and every dollar visits all four before it rests.

Senator Elizabeth Warren, in a formal letter to Sam Altman demanding answers about the spending commitments, wrote that OpenAI “appears to be privatizing profits while seeking ways to let the public defray the costs of any potential failures of its business strategy.”

For scale: Enron‘s entire final-year revenue was about $100 billion; the Oracle–OpenAI contract alone is three times that. Enron‘s peak market value was roughly $70 billion; Nvidia‘s is five trillion. The Bank for International Settlements — an institution constitutionally incapable of hyperbole — compared the AI buildout to canal mania, railway mania, and the dot-com bubble, and observed that “these episodes ended with an eventual reversal in investment, inducing economy-wide recessions.”