AI bubble death cross incoming?

Japanese media reporting the harsh math:

• Big 5 cloud providers seeing BRUTAL capital efficiency collapse
• Peak: $95 profit per $100 invested
• Now: $13 per $100

That's an 86% drop in ROI.

Meanwhile rates stay elevated. Classic squeeze: rising cost of capital + diminishing returns = bubble pop setup.

This isn't just AI hype cooling. It's the infrastructure layer getting wrecked by economics. If hyperscalers can't justify capex, who's funding the next wave of $AI tokens?

Watch liquidity. When the music stops, narratives die fast.