A warning that the AI boom is a debt-fueled bubble nearing a breaking point, bad news for investors riding the hype.

• AI companies like OpenAI and Anthropic lose billions because cheap subscriptions hand users far more computing than they pay for.
• A price war is starting as OpenAI weighs big price cuts to steal business customers from Anthropic, squeezing both companies' margins.
• The subscription deal is ending: newest models are moving to pay-per-use, while flat monthly plans only get you older, cheaper models.
• SpaceX is rushing a huge IPO at a fixed price while still buried in debt, using the new money partly to pay off old loans.
• The whole AI race runs on borrowed money, and venture funding and IPO cash are starting to dry up.

Outlook: As investor money runs out, expect price hikes, the end of cheap unlimited AI plans, and growing pressure on overvalued AI and tech stocks.