Arthur Hayes Says OpenAI and Anthropic Are Worthless and Bitcoin Wins

Bitmex co-founder Arthur Hayes says the artificial intelligence boom is burning cash on a government backstop, and that the bigger it gets, the higher bitcoin goes. Hayes laid out the convictions on the Convergence podcast with Luke Martin, with his four key talking points being: Hayes picked a loud week to put out his message, given chip stocks posted an eighth straight down day yesterday, the longest slide since 2008, while the Nasdaq 100 fell 2.5%. Furthermore, Bank of America analysts also warned the $1 trillion AI investment boom could be following the classic boom-and-bust cycle. The Financial Times reported that Anthropic offered Blackstone a yield above 10% to help finance a $60 billion AI chip deal.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.