In short, I believe the AI bubble is deeply unstable, built on vibes and blind faith, and when I say "the AI bubble," I mean the entirety of the AI trade. And so I present to you — the Hater’s Guide to the AI bubble, a comprehensive rundown of arguments I have against the current AI boom’s existence. And, as you will shortly find out, there is no AI trade, because generative AI is not making anybody any money. Amazon AI Revenue In 2025: $5 billionCapital Expenditures in 2025: $105 billionThings do not improve elsewhere. Generative AI does what generative AI does, and that's about it.