Big Technology Podcast Inside The AI Bubble: Debt, Depreciation, and Losses — With Gil Luria
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Nov 14, 2025 
Gil Luria, head of technology research at D.A. Davidson, dives into the risks of the AI bubble. He warns about unhealthy investment behaviors and the dangers of debt in speculative AI ventures. The discussion includes Michael Burry's concerns about depreciation in tech assets, emphasizing how this could threaten profitability. Luria explores the incentives behind banks lending to AI data centers and considers how failing demand could have systemic implications. The chat also touches on how rapid tech advancements might render older hardware obsolete.
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AI's Rapid Capability Leap
- AI is likely the most revolutionary technology in decades and its tools are improving quickly.
- Gil Luria says hands-on use reveals dramatic year-over-year capability gains that drive strong demand.
Healthy Vs. Unhealthy AI Players
- Companies show a range of behavior from disciplined to reckless in the AI buildout.
- Gil contrasts Palantir's execution with CoreWeave's risky debt-funded expansion as representative extremes.
Use Debt Only For Predictable Cash Flows
- Avoid using debt to finance speculative assets without predictable cash flows or asset-backed security.
- Gil warns finance 101: use equity for speculative growth and debt for predictable income or backed assets.
