Numena

VCs websites will be like "we back you before it's obvious" but they'll only invest if you find a tier-1 lead investor.

There are four individual threads right now that could utterly obliterate the American economy: 1.) OpenAI (and likely other AI companies) can’t raise capital at normal rates anymore. 2.) The private credit market that might backstop them is cracking. 3.) The hyperscalers who subsidize their compute are retrenching. 4.) Energy costs are spiking simultaneously. There’s a world where all four of these hit an inflection point at exact same time and the AI bubble popping goes from the “AI sector undergoes a healthy consolidation, the speculation burns off, serious companies with real revenue survive, and compute costs normalize” into “The collapse of AI takes the entire American economy with it into a recession” and not even because AI failed, but because the financing structure behind it did.