Nvidia's Risky Business: The AI Bubble Echoes of 1873

As hyperscalers like Meta, Alphabet, and Amazon rack up unprecedented debt to fund AI infrastructure, Microsoft stands alone with substantial free cash flow. Drawing parallels to the railroad boom and bust of 1873, this analysis examines the risks of debt-fueled AI buildouts, Google's massive equity raise, and the internal turmoil at DeepMind that may signal a strategic pivot.