In the heart of Silicon Valley, a nervous energy is building. While artificial intelligence is fueling unprecedented stock market gains and promises of a technological revolution, a growing chorus of experts, from central bankers to seasoned entrepreneurs, is warning that the industry is inflating a massive financial bubble. The central question is no longer if AI will change the world, but whether the current gold rush is sustainable—or if it's destined for a spectacular collapse that could damage the global economy. A Tangled Web of Investment The skepticism is rooted in the colossal and complex financial arrangements propping up the industry's leaders. At the center is OpenAI , the company that brought generative AI to the masses with ChatGPT. Despite its soaring revenue, the company has yet to turn a profit and is being kept afloat by staggering investments from tech giants. These aren't simple cash infusions. Critics point to a pattern of "circular financing,...