A companion to No Counterparty. The headline is not that AI isn’t worth money — it is that the labs borrowed a fortune to compete with giants: Anthropic’s $895.4 billion of commitments, eleven-plus years of its current revenue, against roughly $677 billion a year of operating cash flow at Microsoft, Alphabet, Amazon, and Meta. The technology worked. The bill is coming due, and the blast radius runs in rings — landlords, lenders, the giants as creditors, every household holding the paper, and the payer of last resort.
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