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“AI may reach a point where we simply cannot afford for it to slow down.”
- Sam Altman (OpenAI CEO), interview on global AI race, 2024
There are bubbles that the market knows full well are bubbles - but still has to inflate. Not out of greed, but because the entire system is forced to keep it afloat…
The AI & Data Center Bubble 2025 is exactly such a creature: a gigantic silicon sphere, inflating day by day, hanging in the US economic sky, hooked into the national power grid by hundreds of billions of watts of electricity. It shines brightly like an artificial sun, but a single short circuit could plunge the entire system into darkness.
From Washington to Wall Street, no one dares let it fall. Because if this trillion-dollar chain of data center projects stumbles, the shock won't just hit Nasdaq - it will ripple down to GDP, corporate debt, industrial real estate, credit markets, the federal budget, and ultimately the transmission lines humming hot from Texas to Virginia. Just one gasp of breath, and a series of 20-year cloud contracts will turn to scrap paper, GPU collateral will plummet like 2022 crypto miners, and CDS will scream like fire alarms in an overheated data center.
We are living in a strange era: everyone sees the danger, but no one dares stop. An ecosystem pumped by faith, held by leverage, and anchored by the most ironic factor - power. A bubble that can't be called an asset bubble, because it's built with concrete, copper, water, land, and turbines. A bubble that can't be called a credit bubble, because it's wired directly to national security. And a bubble that if it deflates too quickly, America will lose time - the only strategic asset Washington can't print.
In this article, Viethustler won't just recount the noisy developments of October–November 2025 - from Oracle's CDS, CoreWeave's SPV, OpenAI's backlog, to states from Nevada to Georgia rejecting projects because… not enough power. We'll dive into the part the market least dares to look straight at: the true structure of this ball, where debt, power, and physics intertwine like a maze where one snapped thread collapses the entire map.
And this week, Viethustler will join you in peeling back the layers of circuitry of the silicon ball hanging over the national power grid - like an engineer facing a data center with a temperature alert - to see:
Is the AI bubble inflating due to progress or credit?
Why is credit - not Nasdaq - the first place to hear the 'cracking' sound?
SPV + GPU as collateral + off-balance-sheet debt: Does the CoreWeave model run on faith or physics?
Neocloud: Why is the weakest link the most terrifying systemic variable?
Will the US 'backstop compute' like 2008, or let the bubble deflate controllably?
And finally: Will this bubble explode, or deflate?
