Big tech and AI startups are all scrambling for cash at once, and that rush itself looks like a warning sign for investors.

• SpaceX, Anthropic, and likely OpenAI are all chasing IPOs or big fundraises at the same time.
• Even Google, sitting on $150 billion in cash, is raising $80 billion by selling new stock, which waters down existing shareholders.
• The money goes to building data centers and chips, with Google's spending possibly hitting $300 billion next year.
• Warren Buffett's Berkshire is buying a $10 billion stake in Google, but Buffett has retired, so his name no longer backs the bet.
• The worry: there's only so much investor money to go around, so everyone is grabbing it now before it runs out — a classic sign of a market top.

Outlook: If the cash dries up, one of these AI players could be left unable to fund its plans, and the bubble could start to pop.