Grim analysis of evidence buried in NVIDIA filings that suggests that we are 1-4 months away from the AI bubble popping. https://substack.com/inbox/post/179453867

Meanwhile:

> On November 14, 2025, at the Web Summit conference in Lisbon, multiple AI company CEOs acknowledged this dynamic in public for the first time.

> Brian Chesky, CEO of Airbnb, stated: “There’s a lot of vibe revenue in AI. Companies are talking about billions in pipeline that may never materialize.”

> Vinod Khosla, venture capitalist and prominent AI investor, told the audience: “Ninety-five percent of AI startups will fail. The question is which five percent become Google.”

> Sam Altman, CEO of OpenAI, said: “We’re in uncharted territory. Nobody knows if this scales to AGI or hits a wall at GPT-5.”

> These admissions carry weight because they contradict the growth narratives supporting current valuations...