Arthur Hayes, co-founder of BitMEX, warns in his essay « Reality Test » about three threats to the AI bubble: rising oil prices, Washington’s intervention, and competition from cheaper Chinese open-source models. His fund Maelstrom sold several altcoins while keeping bitcoin and ether and increasing exposure to US energy producers. Chinese models cost five to ten times less, and companies like Lindy, DoorDash, Airbnb and Siemens are already adopting them. Hayes expects a potential bubble burst between 2027 and 2028, driven by the convergence of debt, energy costs and falling inference prices.
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