Is the Endgame of the AI Hype a 19th-Century Railroad Bubble?

Tech analyst Thompson warns: AI is not a false proposition, but the capital chain may break before returns materialize. He likens the current moment to the 19th-century railroad bubble — the money problem is more urgent than the power or computing problem, with funding having burned through free cash flow and debt markets, now approaching the limits of equity financing. If this AI bubble bursts, the most likely legacy left behind will be power infrastructure.