Against The Machine

Is AI the Next Revolution—or the Biggest Bubble Since Dot-Com?

Big Tech spent $560B on AI and made $35B back—no profits, just GPUs and vibes.We break down why NVIDIA is propping up the market, why AI agents don’t work, and why the AI boom looks increasingly brittle under the hood.In this episode, we dissect the AI trade using hard data:$560B in capex from the Magnificent 7$35B in AI revenueNo sustainable profits—except for NVIDIAWe cover:Why NVIDIA is the single point of failure for US equitiesHow OpenAI and Anthropic extract value from their own customersWhy “agents” are marketing fictionAnd why AI startups scale by burning cash, not building moatsThis isn’t contrarianism.It’s what the balance sheets are saying—quietly.