The Teaser Period: Why the AI Boom Is Hitting a Reset Wall
Summary
An in-depth analysis arguing the AI boom resembles a teaser period where multi-trillion compute commitments are signed but not billed, setting up a 'reset wall' at commencement. It frames take-or-pay compute contracts as debt, explains concentration risk around OpenAI and a few labs, and outlines potential renegotiation or subleasing as mitigants. The piece cautions that fixed obligations could outstrip projected revenue, posing solvency risks if the market doesn't fund the next round.