So we're staring down three possible endings to this whole AI mega-bubble story, and honestly, none of them are pretty.

First possibility? The whole thing turns out to be one massive "dark fiber" moment—remember Global Crossing back in the dot-com days? Yeah, that kind of spectacular flameout. We're talking about the most catastrophic capital misallocation event in modern history. The Magnificent Seven would crater, and they'd drag the entire market down with them—somewhere in the 30-40% range, easy. And then what? The Fed rides in on their white horse for another bailout. Again.

Second track we might be headed down: this becomes a grinding, multi-decade marathon. Not a quick win, not a sudden collapse—just a long, exhausting race that morphs into something way bigger. We're talking full-blown civilizational rivalry between the US and...

The thing is, whether this plays out as a catastrophic bust or a slow-burn geopolitical chess match, the ripple effects across all risk assets are going to be massive. Capital flows, regulatory responses, macro policy—everything shifts.