Part 8/12:

The concern remains: many AI companies are likely overvalued, and most are unlikely to win in the long run. Historically, in tech, there tends to be a "winner-takes-most" outcome, with dominant firms like Google or Amazon emerging as clear leaders, while others fade into obscurity.

Structural Risks: Off-balance-sheet Financing and Circular Investments

A notable concern involves the opacity of off-balance-sheet transactions and special purpose vehicles (SPVs) used by major tech firms like Meta. These off-balance-sheet entities mask debt and cash flow issues, complicating true financial health assessments.