Bad news for the idea that AI companies can keep raising endless cash — the money is drying up while spending balloons on guesses about future revenue.

• OpenAI's finance chief claims tons of money is sitting on the sidelines, but mega-cap firms like Google and Meta did zero stock buybacks last quarter, a sign cash is tightening.
• Google is raising $85 billion in a new stock sale and Microsoft's buybacks are shrinking too, suggesting big tech is short on spare cash, not flush with it.
• OpenAI is locking in data-center compute deals through 2032 based on revenue from products it hasn't even invented yet — described as building a giant bubble.
• Rival Anthropic is winning the coding market, pushing OpenAI to chase marketing and enterprise customers instead, since consumers aren't profitable.
• Chip makers like Marvell and Broadcom are booming, with Broadcom seeing no slowdown in AI demand from its big customers through 2028.

Outlook: The AI spending bubble keeps inflating with no clear peak yet, but the gap between huge compute bills and uncertain future revenue points to a painful reckoning later.