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IBM's CEO Arvind Krishna recently did something refreshingly rare: he mentioned basic math. One gigawatt data center costs $80 billion to fill.
The AGI crowd is chasing 100 gigawatts of compute. That's $8 trillion in capex. The numbers are far too big to be funded by equity, which means it's debt, which means you need roughly $800 billion in annual profit just to service the interest on capex spend like that.
Honestly, I want to see the business model for this stuff.
OpenAI is burning cash at a rate that would make a Weimar central banker blush, and HSBC says they won't turn a profit before 2030 — at minimum. They'll need another $200 billion in debt or equity just to keep the lights on. Meanwhile, their valuation has "soared to unprecedented levels" on the back of what the Wall Street Journal delicately describes as the absence of a "clear financial model for profitable AI." Hahaha!