Forget CDOs, Meet CCOs: This Isn't A Tech Cycle... It's 2008 With Silicon

Forget CDOs, Meet CCOs: This Isn't A Tech Cycle... It's 2008 With Silicon In July, the appropriately-named 'Groundbreaker' website laid out a structural diagnosis that most of the market still refuses to confront: the AI boom is not a technology cycle. It is a credit-driven real-estate-like cycle whose financing architecture depends on the second derivative. Levels (backlogs, gigawatts, revenue, token usage) and the first derivative (growth rates) remain the only numbers anyone ...

By Tyler Durden