Not Enron, but not good either.

[Picking up from this and this]I realize that my recommendations for Patrick Boyle videos tend to be a bit heavy-handed, but even by his standards, this one is essential for anyone trying to get a handle on the AI bubble and its increasingly likely ramifications. It is an extraordinarily pithy half hour, hitting a number of important topics. I really need to do at least one or two more posts on this.For today, let's focus on what may be the key point in the entire 2026 AI market discussion: the unresolvable disconnect between the trillions of dollars in capital expenditure and debt accumulated (both on the books and off) and realistic estimates of the total addressable market.Side note: I also need to revisit our long-running economics of streaming thread in the context of Cornell and Damodaran's remarkably prescient The Big Market Delusion: Valuation and Investment Implications. The trouble with vendor financing is what happens when it doesn't. Then it's a double blow. You don't just…