A couple of days ago, we warned that America is about to cross $40 trillion in national debt while interest costs climb, the job market weakens and American households get squeezed from every direction. That problem has not gone anywhere. In fact, there is another piece of this economy that should probably be getting a hell of a lot more attention: an enormous artificial intelligence spending boom that is becoming increasingly important to both Wall Street and the broader U.S. economy.
The scary part is not that AI is fake. Artificial intelligence is obviously real technology, companies are using it, and some of what is being built will probably be around for decades.
The scary part is the financial machine being constructed around it.
Hundreds of billions of dollars are flowing into GPUs, data centers, electrical infrastructure, cloud computing and the handful of companies sitting at…
