Andy Xie warns US AI bubble resembles Ponzi scheme

The author argues that America's artificial intelligence boom resembles a Ponzi scheme driven by circular financing, off-balance-sheet debt, and speculative data center investments. While major tech firms report revenue growth, the underlying infrastructure buildout faces growing resistance from state governments and local communities. Furthermore, the author notes that AI has yielded limited financial returns for the broader market outside of a few top technology companies. Open article →