All tomorrow’s parties.

Let’s review. Token costs are rising. In response, Meta and Amazon have shut down their internal “artificial intelligence” leaderboards; Microsoft has pushed its employees toward Copilot, and away from Claude Code’s rising costs. Uber has already capped its usage of LLMs internally, setting a monthly cap for every employee’s token spending. All of this is happening against the backdrop of the biggest “AI” platforms still borrowing money against hypothetical future returns, and markets are becoming increasingly skittish over America’s big, all-encompassing bet on LLMs. And according to reports from NOTUS and Reuters, major “AI” providers are already having discussions with the United States government, in which they’re laying the groundwork for “too big to fail”-style bailouts. This is all fine, of course. Totally fine, and great. I’ve noted before that the so-called “AI” industry is not built on a sound financial foundation. 1 But in the last few weeks, it feels like new, even worse…