A warning that the AI spending boom could pop and drag down the whole global economy — bad news for tech, investors, and workers.

• AI is wiping out jobs fast — consulting, admin, call centers, even designers — with cuts already topping last year's total.
• Big tech is borrowing huge sums to build data centers, betting AI demand will keep rising; the five biggest names owe over $200 billion combined.
• If real demand falls short of the trillions being spent, unused chips and empty data centers could trigger a painful bust — a risk the Bank for International Settlements just flagged.
• China is catching up fast with cheaper, free, open-source AI models, and companies like Microsoft, Airbnb, and Coinbase are already testing Chinese options.
• The whole thing looks shaky because these companies keep investing in each other (Nvidia, OpenAI, Amazon, Oracle) to prop up valuations.

Outlook: If AI demand disappoints or funding dries up, a sharp pullback in spending could push the US toward recession as early as 2026.