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Have you noticed, lately, or noticed people around you commenting, that there just seems to be no money anymore. There's no money for companies to make the tv shows you like, the video games you like, the local diner you like shut down, no one you know can find a job. Think about that in context of

I think AI investment crowding out other investment could only explain 1 or maybe 2 things on that list. Isn't it mostly a function of higher rates to borrow?

Right, there is only so much money circulating through the system, it’s a zero sum game by definition. Spending money on AI means you can’t spend it elsewhere, AND you have to take out loans or sell other assets to get more money to spend on AI, the investment is leveraged to the tune of almost $4T

NGL it sure seems like the financialization of everything is predicated upon the idea that money can be conjured up by non-mint organizations

Money is a thing we use to allocate resources. It's permission to do useful work. There is a limit to the resources in the system. I don't know if economics has a way of phrasing that. The closest they seem to get is "if public/private entities make too much money it wakes up the Inflation Monster"