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

Investor summaryBearish

Argues the AI boom mirrors 2008's leverage crisis rather than 2000's dot-com bubble, citing unsustainable capex and debt risks.

Bear points

AI infrastructure spending is driven by debt-fueled leverage similar to pre-2008 financials, creating systemic fragility.
Current ROI on AI hardware investments does not justify the massive capital expenditures, signaling an impending correction.
The market misprices AI stocks by ignoring balance sheet risks, treating a credit-driven boom as pure technological innovation.

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