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Analysts estimate that 70%+ of Microsoft, Google and Amazon's present and future AI revenues are from Anthropic and OpenAI's compute spend and model sales. Outside of two unsustainable AI labs, demand barely exists, and they've massively overbuilt capacity. www.wheresyoured.at/the-ai-deman...

Hyperscalers have conned investors by not disclosing their AI revenue concentration, all to hide that revenue growth is increasingly coming from Anthropic and OpenAI, and that their infrastructure was near-entirely built to support two unprofitable AI labs. www.wheresyoured.at/the-ai-demand-bubble/

According to analyst letters from UBS, Wells Fargo and Barclays, Anthropic and OpenAI make up 70% or more of Google, Microsoft and Amazon's AI revenues, which means that outside of these AI labs, there isn't demand for compute or AI software at scale. www.wheresyoured.at/the-ai-demand-bubble/

Hyperscalers have sold the media and investors on the idea that $990bn in capex would create diverse AI demand. Instead they've destroyed their free cash flow to prop up unsustainable AI labs who can only pay when hyperscalers hand them the money to do so. www.wheresyoured.at/the-ai-demand-bubble/