PremiumForget CDOs, Meet CCOs: This Isn't A Tech Cycle... It's 2008 With Silicon
In July, the appropriately-named 'Groundbreaker' website laid out a structural diagnosis that most of the market still refuses to confront: the AI boom is not a technology cycle. It is a credit-driven real-estate-like cycle whose financing architecture depends on the second derivative.
Levels (backlogs, gigawatts, revenue, token usage) and the first derivative (growth rates) remain the only numbers anyone watches.