John Rubino's Substack

John Rubino's Substack

Black Swans: What If the "Scaling Cliff" Pops the AI Bubble?

John Rubino's avatar
John Rubino
Sep 10, 2025
∙ Paid

Artificial intelligence is this decade’s tech success story. And that sector’s stocks — led by the almost supernaturally powerful chip maker Nvidia — are primarily responsible for the S&P 500 and Nasdaq being at record highs.

In just the past five years, nearly a trillion dollars have been thrown at AI data centers, chip plants, and model training. And …

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2026 John Rubino · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture