2026-09-18 11:15 UTC
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@masek@infosec.exchange 2026-09-18 11:16
The AI infrastructure race also reshapes hardware markets. Demand absorbs advanced packaging and high-bandwidth memory while capacity moves away from conventional components. Shortages and higher prices can spread far beyond AI. Financing adds another layer. Chipmakers and cloud providers invest in AI labs that become major customers. Debt, private credit, long-term commitments, and off-balance-sheet structures fund the buildout. Circular financing may indicate a bubble, but does not prove one. It can make money travel in a circle and return wearing a hat labelled “independent demand,” while spreading failure through a tightly connected system. The BIS calls the macro-financial risk moderate, not absent, and dependent on very high future earnings. That is a huge bet on benefits we still struggle to measure. Unlike a casino, this bet reaches people who never placed a chip and will receive none of the winnings. They can face higher prices, public costs, and economic fallout. 10/34