Here’s the ‘core economic flaw’ in the AI bull case as stock and bond trades unravel, according to a top economist

Slok argues AI revenue is lagging the capex cycle, with VC-backed startups funding compute from venture capital rather than earnings. Hyperscaler spending near $800bn, and above $1tn next year, is increasingly debt-financed. CoreWeave's 30% slide and record CDS levels signal credit stress, challenging the AI bull case and pressuring AI-linked equities, credit spreads and broader risk appetite.