The Newcomer Podcast The Coming AI Crash No One Wants to Admit | Alex Heath x Newcomer Podcast
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Oct 3, 2025 In this discussion, tech journalist Alex Heath dives deep into the looming concerns regarding the AI bubble. He explains how OpenAI’s partnerships impact major players like Microsoft and Oracle while addressing the potential for systemic risks in the market. The conversation shifts to Meta's quirky launch of Vibes and its implications for the AI hype cycle. Alex also highlights the role of data-driven ads as a necessary revenue engine for AI ventures and the tensions in labs balancing AGI ambitions with consumer needs.
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OpenAI Is A Systemic Tech Linchpin
- OpenAI has become a systemic linchpin propping up many tech valuations via large multi-year deals.
- If OpenAI's momentum stalls, a wide set of partner stocks and the broader AI hype could rapidly deflate.
Market Moves Reflect An AI Bubble
- The current market reaction to AI deals looks like a classic bubble driven by future promises, debt, and conditional tranches.
- Stocks react to announcements even when the cash to pay for those deals doesn't yet exist.
Dinner With Sam About Financing
- Alex recounts asking Sam Altman at a dinner why Microsoft didn't underwrite OpenAI's full infrastructure plans.
- Sam said no single hyperscaler can support OpenAI's ambition and promised new financing ideas to raise trillions.