AI Like in AI-rlines? Bad for the Hyperscalers – Good for You

Chinese AI now sells intelligence for cents on the dollar, and the market is asking whether America’s 700-billion-dollar capex bet will ever pay off. This is a piece about why that fear is justified – and why it is bearish for the wrong companies. It is not a story about the end of AI. It is a story about who pays for it. And who gets paid.