Alle afleveringen
35 afleveringen, van nieuw naar oud
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Running Dry
4 november 2026 · 8 min
An AI company can have tens of billions in cash, fast-growing revenue, and still face a financing problem. The question is how long its spending commitments extend beyond the money coming in. Lees meer
OpenAI’s fundraising
Anthropic’s commitments and margins
The infrastructure financing test
Following the revenue
What users eventually pay
Source:
Ed Zitron's Where's Your Ed At — Running Dry
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Exit Liquidity
29 oktober 2026 · 8 min
Anthropic’s revenue is soaring. Its compute costs are rising faster. That gap is a useful place to start asking who’s earning a return on the AI boom, and who’s financing the wait. Lees meer
Where are the returns?
Anthropic’s moving financial picture
The compute bill
How durable is demand?
What customers actually pay
Financing and exit incentives
Source:
Ed Zitron's Where's Your Ed At — Exit Liquidity
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AI Had Better Work Out
21 oktober 2026 · 8 min
The AI trade has a striking amount riding on a handful of companies. The question is whether the revenue beneath all that spending can catch up. Lees meer
A concentrated bet
Where the returns have to come from
Racks before power
Debt against unfinished facilities
Who pays whom
Who bears the downside
The missing receipts
Source:
Ed Zitron's Where's Your Ed At — AI Had Better Work Out
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Annualized Enron Rate
14 oktober 2026 · 7 min
A company can announce a $48 billion annualized revenue run rate in May and report $15.5 billion in revenue for the entire first half of the year. Both figures can be accurate. The trouble starts when we treat them as though they answer the same question. Lees meer
What a run rate measures
The customers behind lab revenue
What compute earns
The stakes of the buildout
Source:
Ed Zitron's Where's Your Ed At — Annualized Enron Rate
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Credit Crunch
7 oktober 2026 · 8 min
An AI company can sign a contract for compute years into the future. Someone still has to borrow the money to build the data center, buy the chips, and get the power connected. Lees meer
The price of money
When a project needs a lender
The labs’ financing wall
Who is buying the compute?
Risk travels through contracts
The customer cash-flow test
Source:
Ed Zitron's Where's Your Ed At — Credit Crunch
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Dead Money
30 september 2026 · 9 min
A GPU can be sold, financed, and counted as AI growth before it ever runs a customer’s workload. How much of this boom survives the trip from purchase order to paid invoice? Lees meer
Sold chips, usable capacity
Revenue moving in circles
Borrowing into the buildout
The contract underneath the data center
Customers funded by customers
The labs at the center
Source:
Ed Zitron's Where's Your Ed At — Dead Money
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Where're All The AI Chips?
23 september 2026 · 9 min
A gigawatt sounds concrete. So does a GPU sale. Yet neither phrase tells us whether a customer can use that compute today, or whether it is sitting behind an unfinished building, a missing power connection, and a financing promise. Lees meer
What does capacity actually mean?
The pile of bought, uninstalled hardware
Depreciation postpones the bill
Who is actually buying compute?
The overbuild question
GPU demand versus useful demand
Source:
Ed Zitron's Where's Your Ed At — Where're All The AI Chips?
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AI Is Already In Dangerous Hands
15 september 2026 · 9 min
A model gets pointed at a cybersecurity benchmark, finds a path through somebody else’s infrastructure, and suddenly the story becomes “the AI escaped.” That phrase can obscure the most important question: who built the setup, authorized the access, and watched the system while it ran? Lees meer
The Hugging Face incident
Responsibility stays with the deployer
Safety rhetoric and present harms
The slowdown problem
Hype meets public panic
Legal accountability
Source:
Ed Zitron's Where's Your Ed At — AI Is Already In Dangerous Hands
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Concentration Risk
9 september 2026 · 8 min
“AGI has arrived” makes a great headline. A trillion dollars of compute commitments makes a much harder spreadsheet. The question hanging over this boom is simple: who ultimately pays for all this capacity, and with what cash flow? Lees meer
AGI as a moving target
Revenue concentration behind the boom
The compute reset wall
Circularity and the backlog story
Where end-user demand stands
What would break the narrative
Source:
Ed Zitron's Where's Your Ed At — Concentration Risk
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Hyperscale Normalization
2 september 2026 · 9 min
A trillion-dollar technology buildout can look inevitable long before its economics are settled. That gap between the story and the underlying evidence is where this episode lives. Lees meer
Hypernormalization
Who Gets Rescued
Media and the Reality Gap
AI’s Financial Loop
Run Rates and Valuations
Infrastructure and Productivity
Source:
Ed Zitron's Where's Your Ed At — Hyperscale Normalization
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The AI Hater's Manifesto
26 augustus 2026 · 10 min
A tool that helps debug a crash log can be useful. A trillion-dollar industry built around the promise that it will eventually think, work, and decide for us deserves a far harder audit. The question isn’t whether language models can do anything. It’s whether their demonstrated value matches the certainty, spending, and social pressure surrounding them. Lees meer
Useful tools and the boundary of judgment
Outsourcing work versus thought
The financial story under the hype
Inference costs and productivity proof
Growth, power, and human investment
Future tense and accountability
The maintenance burden
Source:
Ed Zitron's Where's Your Ed At — The AI Hater's Manifesto
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What Happens If OpenAI Dies?
19 augustus 2026 · 9 min
The core question here isn’t whether people want AI. It’s whether the biggest AI company can sell more of it without losing even more money. And if the answer is no, that problem doesn’t stay inside one startup. It leaks into cloud giants, chip vendors, lenders, and a whole lot of investor storytelling. Lees meer
Unsustainable economics
Compute obligations and circular demand
Funding constraints
Run-rate headlines versus durable revenue
Anthropic, IPO optics, and valuation logic
What failure would actually look like
Systemic risk or overheated narrative
Source:
Ed Zitron's Where's Your Ed At — What Happens If OpenAI Dies?
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Don't Look Up
12 augustus 2026 · 8 min
A lot of the AI story still gets told through stock charts, capex totals, and vibes. The harder question is whether there are enough real customers, at real prices, to justify what everybody is building. Lees meer
Revenue concentration
Demand versus capacity
How the growth story got framed
Circular financing questions
What breaks if the labs slow down
Source:
Ed Zitron's Where's Your Ed At — Don't Look Up
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Premium: The Hater's Guide To NVIDIA (Part 2)
8 augustus 2026 · 9 min
A lot of the AI story gets told as pure technology progress. But if the customers only exist because the vendor helped finance them into existence, you’re not just looking at demand. You’re looking at a system. Lees meer
The core claim
What Jensen Huang admitted
How dependent the neoclouds look
The financing loop
Technology versus hype economics
Why the GE Capital comparison matters
What this protects and what it risks
Bottom line
Source:
Ed Zitron's Where's Your Ed At — Premium: The Hater's Guide To NVIDIA (Part 2)
This podcast was created with Podkey. Make your own at https://podkey.fm
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News: Microsoft Disclosures Suggest OpenAI Sales Account For Around 70% Of FY26 AI Revenue, More Than 7% of FY26 Revenue
6 augustus 2026 · 7 min
The headline here isn't just that AI is expensive. It's that one customer-partner relationship may already be large enough to shape how we read Microsoft's entire AI business. And once you look at the disclosed revenue mix next to the scale of capital spending, the obvious question is whether this is proof of strength, or a warning about concentration. Lees meer
What the revenue disclosure actually says
Why concentration matters
What this could mean strategically
The capital spending number
How to connect the two stories carefully
What would strengthen either case
Source:
Ed Zitron's Where's Your Ed At — News: Microsoft Disclosures Suggest OpenAI Sales Account For Around 70% Of FY26 AI Revenue, More Than 7% of FY26 Revenue
This podcast was created with Podkey. Make your own at https://podkey.fm
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The AI Demand Bubble
5 augustus 2026 · 8 min
A lot of the AI economy starts looking strange once you ask a boring question: who is actually paying for all this? If the answer is basically two companies, then the story shifts from explosive broad demand to concentrated financial dependency. Lees meer
Revenue concentration
Capex versus actual demand
The circular funding question
Is there real demand beyond the labs
Disclosure and narrative framing
Debt, balance sheets, and second-order risk
Why NVIDIA is part of the same story
What actually seems most supported
Source:
Ed Zitron's Where's Your Ed At — The AI Demand Bubble
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The AI Revenue Reality
1 augustus 2026 · 8 min
A lot of the AI conversation is being carried by vibes, projections, and fundraising headlines. The awkward part is that some of the people closest to the data are also admitting the biggest labor-market claims still are not showing up in reality. Lees meer
AI job impact narratives
Economic indices and narrative incentives
Revenue versus funding mismatch
The scale of commitments
Infrastructure costs and profitability
Venture capital exposure
What actually seems supported
Source:
Ed Zitron's Where's Your Ed At — Premium: AI Is Getting Way Too Expensive
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The More You Buy, The More You Lose
29 juli 2026 · 8 min
A lot of the AI story still sounds like physics and destiny. But the pressure is showing up somewhere less glamorous: bond spreads, memory prices, lease obligations, and the fact that nobody wants to say exactly how much money this is making. Lees meer
Blackwell efficiency claims
The capex mountain
What bond markets are saying
The memory cost spiral
Circular financing and missing foundations
The startup business model problem
Opaque revenue and the hype machine
What could break, and what might not
Source:
Ed Zitron's Where's Your Ed At — The More You Buy, The More You Lose
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Premium: The Hater’s Guide To Oracle (Part 2)
25 juli 2026 · 8 min
Oracle's story right now sounds simple if you only read the hype: huge AI demand, huge data centers, huge future. The harder question is whether the business underneath that story is actually getting stronger, or whether scale is masking fragility. Lees meer
The baseline problem
Free cash flow and what changed
The AI GPU spending surge
The OpenAI contract question
Cerner and the margin mix
Accounting and the story management problem
Source:
Ed Zitron's Where's Your Ed At — Premium: The Hater’s Guide To Oracle (Part 2)
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The Subprime Data Center Crisis
23 juli 2026 · 8 min
A lot of the AI story is being told as a technology race. But underneath it, there's a financing story, and that story matters because booms usually break where the money got weird. Lees meer
Why the CDO comparison exists
Off-balance-sheet debt and what it hides
Overbuild versus actual demand
Customer concentration and contract cliffs
NVIDIA's backstop and circular demand
Who ultimately holds the risk
Why so much money flowed in
How bad could it get
Source:
Ed Zitron's Where's Your Ed At — The Subprime Data Center Crisis
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The OpenAI Bubble
16 juli 2026 · 10 min
The core claim here is bigger than one startup maybe overspending on GPUs. It’s that OpenAI has become the story holding together a huge chain of spending, lending, construction, and stock-market optimism, and if that story breaks, a lot of supposedly separate bets may turn out to be the same bet. Lees meer
The load-bearing narrative
OpenAI’s spending and obligations
Who actually holds the risk
Oracle as the sharpest edge
Memory chips and knock-on inflation
Phantom deals and media amplification
SoftBank and the funding chain
Anthropic as a mirror image
What would actually happen in a failure
Source:
Ed Zitron's Where's Your Ed At — The OpenAI Bubble
This podcast was created with Podkey. Make your own at https://podkey.fm
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Premium: The Hater's Guide To The Memory Crisis
11 juli 2026 · 9 min
A lot of AI spending gets talked about like it's abstract, inevitable, almost weightless. Then you look at memory costs, who controls supply, and how much of this buildout depends on debt, and suddenly the whole thing looks much more fragile. Lees meer
Why memory changes the math
Concentration and the collusion question
NVIDIA as the demand center
The hyperscaler spending loop
What a pullback would actually break
Consumers eventually pay
What holds up best
Source:
Ed Zitron's Where's Your Ed At — Premium: The Hater's Guide To The Memory Crisis
This podcast was created with Podkey. Make your own at https://podkey.fm
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Let AI Burn
8 juli 2026 · 9 min
The hard question here isn't whether generative AI is impressive. It's whether the money pouring into it reflects durable demand, or a financing loop mistaking spend for traction. Lees meer
The core bubble thesis
Weak commercial demand
GPUs, data centers, and overbuild
Private credit and hidden exposure
SoftBank and concentrated bets
Too big to fail, or just very expensive
AGI narratives and fandom
What a bust would actually hit
Source:
Ed Zitron's Where's Your Ed At — Let AI Burn
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Premium: The Hater's Guide To SoftBank
7 juli 2026 · 8 min
SoftBank’s story sounds simple if you hear it fast enough: huge AI exposure, huge upside, visionary founder. Slow it down and the real question is whether that upside can arrive before the financing pressure does. Lees meer
The structure problem
How much debt really matters
What the market is signaling
The OpenAI wager
Vision Fund track record
NAV versus the goose
Masayoshi Son's pattern
Source:
Ed Zitron's Where's Your Ed At — Premium: The Hater's Guide To SoftBank
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The AI Industry Is Losing
1 juli 2026 · 9 min
A lot of the AI story still gets told like demand is infinite and financing is somebody else's problem. The more interesting question is what happens if the spending assumptions are even a little bit wrong. Lees meer
The trillion-dollar premise
Are data centers being overbuilt
What AI revenue actually means
OpenAI and Anthropic economics
Oracle and SoftBank concentration risk
Monetization versus infrastructure spend
Systemic risk and second-order effects
The human cost of always-on AI
Source:
Ed Zitron's Where's Your Ed At — The AI Industry Is Losing
This podcast was created with Podkey. Make your own at https://podkey.fm
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Premium: Notes From The Bubble, Volume 1
27 juni 2026 · 8 min
A lot of tech right now feels like people acting out the shape of innovation without the substance underneath it. You can see the same pattern across AI branding, strange product launches, and giant partnerships that sound important before you ask what problem they're actually solving. Lees meer
Cargo-cult innovation
AI hype and the search for a story
Side bets that look like signals
PR narratives versus actual strategy
Executive detachment and product judgment
What actually follows from all this
Source:
Ed Zitron's Where's Your Ed At — Premium: Notes From The Bubble, Volume 1
This podcast was created with Podkey. Make your own at https://podkey.fm
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Cargo Culture
24 juni 2026 · 9 min
A lot of tech stories right now ask you to trust the scale before you understand the product. Billions in GPUs, endless token burn, weird hardware demos, and growth metrics that sound huge until you ask what actually got better. Lees meer
Cargo-cult AI spending
AI token loops
Financial opacity and cost shifting
SaaS slowdown and monetization rot
VC drift and zombie companies
Product theater and founder mode
The hype loop in tech media
Source:
Ed Zitron's Where's Your Ed At — Cargo Culture
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Premium: The Silicon Valley Bubble (Part 2)
20 juni 2026 · 9 min
There are two stories around AI right now. One is that the future is arriving at godlike speed. The other is that a lot of this depends on accounting, incentives, and people being too emotionally invested to ask basic questions. Lees meer
OpenAI financials
The pseudo-cult problem
Hype, doom, and inevitability
The infinite-growth promise
Sub-bubbles feeding each other
What actually holds up
Source:
Ed Zitron's Where's Your Ed At — Premium: The Silicon Valley Bubble (Part 2)
This podcast was created with Podkey. Make your own at https://podkey.fm
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Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
16 juni 2026 · 8 min
A $38.5 billion loss sounds like catastrophe until you ask what kind of loss it actually was. With OpenAI's 2025 numbers, the most important question isn't whether the figure is big. It's what inside that figure reflects the business, and what reflects a one-time accounting shock. Lees meer
The headline number
Why the conversion changed everything
What the operating business looks like
Microsoft, SoftBank, and dependence
The cash cushion and the real risk
What holds up and what doesn't
Source:
Ed Zitron's Where's Your Ed At — Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
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AI's Brokenomics
16 juni 2026 · 9 min
One story here looks like safety theater colliding with geopolitics. The other looks like a business model colliding with arithmetic. Lees meer
Anthropic breach and export controls
Tokenomics and the pricing crisis
Corporate cost discipline arrives
Open source alternatives and market structure
Silicon Valley monoculture
Source:
Ed Zitron's Where's Your Ed At — AI's Brokenomics
This podcast was created with Podkey. Make your own at https://podkey.fm
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Premium: The Silicon Valley Bubble (Part 1)
13 juni 2026 · 9 min
An OpenAI IPO sounds like a simple milestone story until you put the financing next to the spending. Then it stops looking like a normal growth company and starts looking like a test of how much strain the market will absorb for AI. Lees meer
OpenAI and public-market pressure
Anthropic's financing structure
Recursive self-improvement as an explanation
The AI bubble and the Rot-Com theory
Why venture capital changed
What actually holds up
Source:
Ed Zitron's Where's Your Ed At — Premium: The Silicon Valley Bubble (Part 1)
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AI Is Slowing Down
9 juni 2026 · 9 min
The core question here isn't whether AI is useful. It's whether the industry's spending plans make any economic sense at the scale being promised. And once you look at the debt, the token billing, and the revenue assumptions together, the stress points start to line up. Lees meer
Compute commitments versus plausible revenue
Data center debt and the financing bottleneck
Token billing, visibility, and vendor incentives
Internal token burn and ROI scrutiny
Workforce strain and the human layer
The coming exposé and what to watch
Source:
Ed Zitron's Where's Your Ed At — AI Is Slowing Down
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Premium: The Hater's Guide To The AI Bubble 3.0
6 juni 2026 · 8 min
The loudest AI story says inevitability: massive demand, massive disruption, massive value. The quieter story is about losses, subsidies, weird billing, concentrated customers, and a lot of people treating demos like proof. Lees meer
Manufactured hype
Financial reality
Token billing and enterprise reality
Hallucinations and task limits
Compute overbuild and NVIDIA exposure
Job displacement claims
Source:
Ed Zitron's Where's Your Ed At — Premium: The Hater's Guide To The AI Bubble 3.0
This podcast was created with Podkey. Make your own at https://podkey.fm
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AI Doesn't Have ROI
3 juni 2026 · 8 min
A lot of the AI argument right now comes down to a weird mismatch. The public story is abundance, efficiency, and inevitability. The financial story looks a lot murkier once you ask who pays, what gets measured, and whether any of it actually holds up without subsidies. Lees meer
ROI and the accountability problem
Token billing reveals the real price
Why subscriptions look fragile
Compute costs are not falling the way the story says
Is this worse than Dot Com
Dark output and the job replacement story
What leadership still hasn't answered
Source:
Ed Zitron's Where's Your Ed At — AI Doesn't Have ROI
This podcast was created with Podkey. Make your own at https://podkey.fm
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Premium: What If...We're In An AI Bubble? (Part 3)
30 mei 2026 · 9 min
A trillion dollars in GPUs sounds like inevitability until you ask who is actually using them, where they’re going, and how any of this gets paid back. The interesting question isn’t whether AI is real. It’s whether the current scale story survives contact with construction timelines, customer concentration, and basic unit economics. Lees meer
NVIDIA demand versus installed reality
Construction bottlenecks and the backlog problem
Revenue concentration in AI
Cash burn and the path to profitability
Token billing and ROI opacity
Credit markets and supply-chain exposure
What holds up and what doesn't
Source:
Ed Zitron's Where's Your Ed At — Premium: What If...We're In An AI Bubble? (Part 3)
This podcast was created with Podkey. Make your own at https://podkey.fm