In the last year there has a been a dramatic increase in capability. Sonnet 4.5 can now run and debug agentic workloads by itself. It can do deep analysis that is very relevant to Wall Street that a room full of people couldn’t do.
Now let’s say that there isn’t a market for that. That would mean that inference data centers would stop building out. But training centers would remain, and at the very least we’d still have all the frontier models, which are already very capable. These will fit on a thumb drive. What it would mean would be that prices would go up for AI and that there would be more of a cliff between the haves and have nots. We’d still have millions of very capable GPUs, including Blackwell. Like real estate, a glut would mean drop in price for that hardware. So, I’m not seeing the crisis. People living in the past, in denial, who will be eclipsed by the efficiency of AI. From: Friam <[email protected]> on behalf of Tom Johnson <[email protected]> Date: Sunday, November 16, 2025 at 6:02 AM To: Friam@redfish. com <[email protected]> Subject: [FRIAM] Fwd: The coming AI crash-worse than the Dot Com stock collapse? What do you we think about Chris's analysis? ======================= Tom Johnson Inst. for Analytic Journalism Santa Fe, New Mexico 505-577-6482 ======================= ---------- Forwarded message --------- From: Christopher J Feola from Perfecting Equilibrium <[email protected] <mailto:[email protected]>> Date: Sun, Nov 16, 2025, 5:35 AM Subject: The coming AI crash-worse than the Dot Com stock collapse? To: <[email protected] <mailto:[email protected]>> AIs will be enormously important some day. Today is not that day. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ Forwarded this email? 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Today is not that day. Christopher J Feola <https://substack.com/@perfectingequilibrium> Nov 16 <https://substack.com/@perfectingequilibrium> <https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&isFreemail=false&submitLike=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3NjMyOTY0OTYsImV4cCI6MTc2NTg4ODQ5NiwiaXNzIjoicHViLTgzMDg3MiIsInN1YiI6InJlYWN0aW9uIn0.ElEIOZMNtsWav1lQHrZory9QnLEzgAyoOl23szVDbgg&utm_medium=email&utm_campaign=email-reaction&r=9x3n> <https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&utm_medium=email&isFreemail=false&comments=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE&r=9x3n&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email> <https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=false&r=9x3n&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE> <https://substack.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.s8lGOk_HPC27LSiCcn0523wLBDTNHLgyt5j8inpKvVI?&utm_source=substack&utm_medium=email> <https://open.substack.com/pub/perfectingequilibrium/p/the-coming-ai-crash-worse-than-the?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app> READ IN APP <https://open.substack.com/pub/perfectingequilibrium/p/the-coming-ai-crash-worse-than-the?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app> Perfecting Equilibrium Volume Four, Issue 23 The word is about, there’s something evolving, Whatever may come, the world keeps revolving... They say the next big thing is here, That the revolution’s near, But to me it seems quite clear That’s it’s all just a little bit of history repeating. The newspapers shout a new style is growing, But it don’t know if it’s coming or going, There is fashion, there is fad Some is good, some is bad And the joke rather sad, That it’s all just a little bit of History repeating. And I’ve seen it before And I’ll see it again Yes I’ve seen it before Just little bits of history repeating <https://substack.com/redirect/1f3f0fa9-aae4-44b5-a224-d2ee81b5e002?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> The Sunday Reader, Nov 16 2025 America Online was the most important company in the world for one brief, shining moment. The new millennium dawned on an unstoppable tech wave. The Y2K bug had turned out to be a big nothing. And 10 days into the year 2000 AOL announced the largest merger in US history, buying Time Warner to form a $350 billion mega-corp, the media model for the 21st Century. For a moment it was the third most valuable company in the world. And then the bottom fell out. The Dot Com boom turned into the Dot Bomb crash. AOL was able to buy Time Warner because it had growth and enormous equity. After the Dot Bomb crash it had neither. It was effectively absorbed by Time Warner, the company it had planned to lead into the future. And that was a better fate than many of the Dot Com boom companies, which simply collapsed and disappeared. And that crushed Sun Microsystems. Sun had been riding high, powered by the enormous profits generated by selling servers to Dot Com boom companies. Those startups kept growing, and buying servers to host more web traffic, and growing, and buying more and more servers to host more and more users. And then the bottom fell out. And all the accounting tricks came scurrying out. The rise of Linux on cheap Intel boxes, it turned out, was a deadly threat to Sun. Which Sun had countered by loaning money at below market rates to startups to buy Sun equipment. And then booking the loans as assets. Think about it: Sun would offer a below-market loan to MyKewlWebStartup.com, which would then use the loan to buy servers from Sun. Sun would book the sale as revenue, and keep the loan on its books as an asset. Cheap finance tricks like this produce great numbers as long as the market keeps growing, and you can shuffle money fast enough from one pocket to another. When the market resets…the whole thing comes crashing down. Sun went from being the Dot in Dot Com to being sold off for parts. But no one is stupid enough to do that again, right? Right? Buy Me a Cup of Coffee <https://substack.com/redirect/a223694d-ddf9-4cb7-a347-8e3c849708e8?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Please meet Nvidia, the most valuable company in the world at $4.68 TRILLION. At a Price-to-Earnings ratio of 54.13. For comparison, those pikers over at Apple are worth a paltry $4 trillion at a P/E of 36.49. Nvidia’s market cap has grown 40 percent year-to-date. That’s four times better than the Dow Jones Industrial Average, which is up 10 percent year to date. But Nvidia’s wild stock growth is justified, right? They have huge orders for their industry-leading chips that power AI data centers, like the announced $40 billion purchase by Oracle. Which needs the chips to build data centers for the $300 billion deal to supply computing power to OpenAI. But where will OpenAI get that kind of money? Its current annual revenue is only $12 billion. Oh, here we go: Nvidia is investing $100 billion in OpenAI. So Nvidia gives $100 billion to OpenAI, which gives it to Oracle, which uses it to buy $40 billion in chips from…Nvidia. How does Nvidia profit? It makes it up on the volume. If this all sounds familiar, it should. As Goldman Sachs told investors: NVIDIA’s investments flow out as funding, returns are realised via GPU sales, therefore inflating the reported growth. It’s the same round-robin accounting Sun was running during the Dot Com Boom. It’s why Sun didn’t survive the Dot Bomb crash. Please consider supporting Perfecting Equilibrium by becoming a subscriber. Subscribed <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9wZXJmZWN0aW5nZXF1aWxpYnJpdW0uc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxNzkwMjk2NjksInMiOjgzMDg3MiwiZiI6ZmFsc2UsInUiOjQ2MjgwMywiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjIwNzg4NzI0OTYsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.0ws5dUmWQ5RlGkoHXCS7JZr_lfIWErRd3Q9CS9nE5gw?> Now I know what you’re thinking, dear reader: Feola, who cares about the stock market? And look at the huge layoffs taking place because of AI! Doesn’t that mean we’re entering the Age of AI!?! True, the stock market is at best amusing. And you should never, ever invest based on what I write. I look at macro trends; think years, not months, never mind day trading. And there’s a reason a stock market crash is called a correction. All tech waves follow the same pattern: · Some nerd comes up with some crazy thing. Everyone makes fun of the crazy nerd · The crazy thing starts to work; there are few spectacular breakthroughs · The hype wave launches! This new tech will change the world! · It’s the tech that launches a thousand startups · Those startups start running hard aground on reality. Infrastructure must be built. Annoying users won’t use the tech as predicted and insist on doing it their way · There’s a correction, and all those startup mistakes die · The survivors buy up the resources of the failures at pennies on the dollar, and the real growth phase begins It’s happened several times during the last quarter-century. When was the last time you Asked Jeeves? Looked things up on Yahoo! or Alta Vista? How many of your friends are sporting Blackberries or Windows CE smartphones? The reason for accounting shenanigans is always the same: the growth isn’t there. If there’s growth, there’s no need for Stupid Accountant Tricks. And the reason the growth isn’t there is that AI Just. Doesn’t. Work. Despite $30–40 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return. The outcomes are so starkly divided across both buyers (enterprises, mid-market, SMBs) and builders (startups, vendors, consultancies) that we call it the GenAI Divide. Just 5% of integrated AI pilots are extracting millions in value, while the vast majority remain stuck with no measurable P&L impact: MIT- <https://substack.com/redirect/777df2aa-943e-48d7-ab1a-c844b6ca9289?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg>STATE OF AI IN BUSINESS 2025 <https://substack.com/redirect/777df2aa-943e-48d7-ab1a-c844b6ca9289?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Well it’s early days; meanwhile AI is putting all sorts of creatives and freelancers out of work, right? Right? Scale AI and the Center for AI Safety <https://substack.com/redirect/b0f53de5-a05e-4d45-aa19-eedbacdfc54f?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> ran hundreds of tasks through an array of AIs, then gave the resulting work product to a panel of 40 judges. Less than 3 percent were acceptable. Gemini couldn’t even hit 1 percent; 99.2 percent of its work was unacceptable. Overall, 46 percent of the work was poor quality; 36 percent was incomplete; 18 percent of the files were corrupted; and 15 percent had inconsistencies. We’ve been discussing why the current generation of Large Language Models – so called AIs – are an evolutionary dead end. <https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> AIs are doomed dinosaurs as we enter the Information Age <https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Christopher J Feola <https://substack.com/profile/85705212-christopher-j-feola> · Sep 7 <https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> <https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Perfecting Equilibrium Volume Four, Issue 12 <https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Read full story So a correction is not only coming, it is necessary. Nature is red in tooth and claw, and so is actual capitalism, which occurs during shifts like this one. Big corporations spend enormous time and money capturing regulators and politicians to stymie competition. Economic corrections wipe out all the failed startup ideas, and fatally wound many of the big legacy corporations. So a correction is necessary, and healthy for the economy and society in general. If you’re the one being corrected, not so much. It’s no fun being Sun, or Blackberry. Or their employees. There’s no return on being the world’s best Blackberry programmer when there are no more Blackberries. If AIs are failing and AI companies are resorting to accounting tricks to show growth, why is there such carnage in the labor market? Last month was the worst October for layoffs since 2003, according to Challenger, Gray & Christmas. Amazon is laying off 14,000. Microsoft has cut 15,000. Intel plans to lay off 21,000 this year. Outside of tech, UPS has cut 48,000, and Target is cutting 1,800 corporate employees. And everyone is blaming AI. So if AI doesn’t work, what gives? Simple. AI is a handy excuse that sounds way better to boards and investors than we screwed up and hired way too many people. Several forces are at work here. We’re transitioning from Industrial Age companies with massive layers of middle management to the much flatter corporate structures of the Information Age. And even though current AI implementations are failing, companies are investing in AI looking for The Next Big Thing. And that requires defunding old business lines. And X, formerly know as Twitter, still exists, running just as well as it did before Elon Musk bought it and laid off 80 percent of the staff. Which left tech execs looking at their crowded offices and going Hmmmmmmmmmm… There is a bright future awaiting us in the Information Age. And it will include actual working AIs. (And yes, I’m hoping Data Object Language Models will be in that mix.) <https://substack.com/redirect/16c1a36c-f8df-4146-a660-94afcb66de51?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg> Alas, the road between here and there is treacherous, filled with layoffs, unemployment, corporate collapses and the disappearance of entire classes of jobs. AIs will be an enormously important piece of the economy some day. Today is not that day. Invite your friends and earn rewards If you enjoy Perfecting Equilibrium, share it with your friends and earn rewards when they subscribe. Invite Friends <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9wZXJmZWN0aW5nZXF1aWxpYnJpdW0uc3Vic3RhY2suY29tL2xlYWRlcmJvYXJkP3JlZmVycmVyX3Rva2VuPTl4M24mcj05eDNuJnV0bV9jYW1wYWlnbj1lbWFpbC1sZWFkZXJib2FyZCIsInAiOjE3OTAyOTY2OSwicyI6ODMwODcyLCJmIjpmYWxzZSwidSI6NDYyODAzLCJpYXQiOjE3NjMyOTY0OTYsImV4cCI6MjA3ODg3MjQ5NiwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.10ZnY5ZVafU6uZDLPrHiigIau1B5JXj4qf_zMtKl7vU?&utm_source=substack&utm_medium=email&utm_content=postcta> Like <https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&isFreemail=false&submitLike=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3NjMyOTY0OTYsImV4cCI6MTc2NTg4ODQ5NiwiaXNzIjoicHViLTgzMDg3MiIsInN1YiI6InJlYWN0aW9uIn0.ElEIOZMNtsWav1lQHrZory9QnLEzgAyoOl23szVDbgg&utm_medium=email&utm_campaign=email-reaction&r=9x3n> Comment <https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&utm_medium=email&isFreemail=false&comments=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE&r=9x3n&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email> Restack <https://substack.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.s8lGOk_HPC27LSiCcn0523wLBDTNHLgyt5j8inpKvVI?&utm_source=substack&utm_medium=email> © 2025 Christopher J Feola 2351 W Northwest Highway, Suite 2203, Dallas, Texas 75220 <https://www.google.com/maps/search/2351+W+Northwest+Highway,+Suite+2203,+Dallas,+Texas+75220?entry=gmail&source=g> Unsubscribe <https://substack.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.smW_5o_s-TzfRVWkPNu6gh0y6anOkdXBIf8mX_t0Uf4?> <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2lnbnVwP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb290ZXImdXRtX2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD10b21AanRqb2huc29uLmNvbSZyPTl4M24iLCJwIjoxNzkwMjk2NjksInMiOjgzMDg3MiwiZiI6ZmFsc2UsInUiOjQ2MjgwMywiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjIwNzg4NzI0OTYsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.5ecKC8q1BRH973ph5iFn3EfHkFGf1A6NpMHDCVUq9H0?>
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