"But I’ll say this: the AI bubble isn’t predominantly giving off Pets.com or Global Crossing vibes anymore. It’s giving Enron vibes. When the dust settles, we’ll probably see a whole lot of books written about the fancy math games that convinced investors that two companies passing $100 billion back and forth were creating $200 billion in value instead of having a net financial impact of $0."
https://davekarpf.substack.com/p/its-giving-enron?r=eeyg&triedRedirect=true