@fatsam @cstross @vivtek the key to understanding is Dan Davies in "Lying For Money" about how frauds work: they spiral outwards, growing until they can't (if the perpetrators aren't caught first, but that doesn't apply here)

if it was market forces, the AI bubble would have gone by end 2024 (Zitron and I both gave that number)

fraud works differently. in this case it's a multipronged Enron where the imaginary book values of equity in private companies is load bearing for the holders cos they borrow against it.

it's increasingly obvious this stuff is squirrels and confetti but they can't get off this tiger

and there's *nothing* else to invest in

this is why i say stuff like "Great Depression 2"