Rihard Jarc(@RihardJarc):There are two types of “AI” companies. One bracket are the companies that benefit most in the long-run that have healthy balance sheets and good business models, but have to keep short-term spend high not to be “out of position” in the long run. Then there are the set of companies which are highly levered with weak balance sheets but are benefiting from different short-term bottlenecks, because short-term spend is high and the pace of AI is extremly fast. If we slow down the pace of AI development even if this happens only in the two big labs the capital will flow to the first group. This is what we see today.

2026.09.14 17:10

There are two types of “AI” companies. One bracket are the companies that benefit most in the long-run that have healthy balance sheets and good business models, but have to keep short-term spend high not to be “out of position” in the long run. Then there are the set of companies which are highly levered with weak balance sheets but are benefiting from different short-term bottlenecks, because short-term spend is high and the pace of AI is extremly fast. If we slow down the pace of AI development even if this happens only in the two big labs the capital will flow to the first group. This is what we see today.