Peak Cheap: The AI Boom Isn't 2000, It's 2008

Investor summaryBearish

Argues the AI boom resembles the 2008 financial crisis rather than the 2000 dot-com bubble, implying systemic leverage risks and an impending crash.

Bear points

The comparison to 2008 suggests hidden leverage and systemic fragility in AI infrastructure financing, not just overvaluation.
Implies that the current AI capex cycle is built on unsustainable debt structures similar to pre-2008 housing markets.
Predicts a severe correction driven by credit tightening and balance sheet deleveraging rather than simple multiple compression.

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