AI 数据中心债务与 Anthropic、OpenAI 收入依赖的循环
Ed Zitron 在长文中认为,超大规模厂商的 AI 资本开支缺乏真实需求支撑,其收入高度依赖 Anthropic 和 OpenAI 两家公司。他引用 Fidelity 的 Jurien Timmer 称 AI 交易已连续三个多月是 dead money,并援引 Morgan Stanley 估算 2026 至 2028 年售出的 GPU 服务器中超过一半可能无处通电。文中还称 Oracle 与 CoreWeave 的债券若按当前利率重新定价,利息成本将分别增加 68.9 亿美元和 12 亿美元。

writedown of its electric vehicle portfolio ($12.5 billion in Q4 2025 alone). In 2025, Ford sold around 2.2 million vehicles. Cognition, by comparison, makes yet another AI coding agent. What, exactly, does Cognition do from here? Who buys Cognition? Does it go public? How? It loses tons of money and has a commoditized product! Nobody wants to answer these questions, because the answer is pretty simple: one day, Cognition, like many AI startups, simply runs out of money and dies, or becomes a mu
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