Buckley Brinkman: Will AI Become an Airline?

AI infrastructure providers are burdened by hidden debt through off-balance sheet SPVs funded by private credit investors, creating financial risks reminiscent of the 2008 crisis. Concurrently, Chinese AI models dominate global token volume due to lower costs, pressuring U.S. providers' profit margins and potentially shifting value capture to model users rather than providers.

This Wire brief sits within Fusion42's coverage of AI Infrastructure.