Welp, it's all kicking off this week in AI!

Charlie Stross

Nvidia is going all squishy over a planned $100Bn investment in OpenAI:

https://www.cnbc.com/2026/02/02/nvidia-stock-price-openai-funding.html

Microsoft Azure income shrank 2% despite huge investment by MSFT and knocked a $375Bn hole in their finances: MSFT shares down 10% in 3 days:

https://www.fool.com/investing/2026/02/02/shares-down-10-earnings-call-microsoft-stock/

… Is the AI bubble over?

Peter

@cstross you'll know when the DJI drops 25%

Michael W Lucas :flan_on_fire:

@cstross

here we go again!

adamrice

@cstross Nvidia investing in OpenAI sounds like blowing smoke up your own ass in order to levitate.

Fi 🏳️‍⚧️

@cstross

the rocket motor's burned out and the vehicle is coasting; we'll have to wait a bit before we see how hard it comes down I expect.

lemgandi

@cstross

The market can stay irrational longer than you can stay solvent.

Madeleine Morris

@cstross from your lips to god’s ear

Jack William Bell

@cstross

If it is happening this way, as a slow pullout of the smart money? I think the economic shock may be somewhat more muted than I'd previously feared.

Given the geopolitical and geoeconomic stresses right now a combination of run on the stock market and run on the dollar could bring about a 1929 level crash. And I think the current prices of precious metals shows there are a number of big players who fear exactly that might happen.

But should the bubble deflate more slowly? ¯\_(ツ)_/¯

Charlie Stross

@adamrice Exactly! How come you spotted it while all the blue chip funds didn't notice?

Uilebheist

@cstross I suspect not: there's no limit to human stupidity.

Seán Fenian

@cstross@wandering.shop Meanwhile Mozilla promised a one-step 'AI kill switch' in Firefox 148, and Vivaldi's CEO said "We've learned that frankly, people hate AI."

Steve Downey

@cstross But simultaneously the debt market is selling off bonds from SaaS companies on the panic that AI will replace them.

Two crashes on opposite sides of the same bet.

yay

Bruno Nicoletti

@cstross @adamrice Fear of missing out on the upswing. Most investors are not driven by any rational analysis but by two instincts, greed and fear. Looks like we are in the middle of the flip from one mode to the other.

Dan Sugalski

@Sdowney @cstross Every time anyone talks about the invisible hand of the market, or the wisdom of the markets, I just... point them at what the actual market does and laugh.

Jim Jones

@cstross Oof. That Microsoft dip is not pretty.

Charlie Stross

@GreatBigTable Palantir are down a similar amount!

Jim Jones

@cstross You hate to see it. Really.

cubeos

@cstross Microsoft Azure Income grew. by 39% year over year. It just grew 2% less than some people expected.

Dianne Hackborn

@cstross

"The longtime chief also criticized a lack of discipline in OpenAI’s business strategy"

Meaning they wouldn't be spending enough of that money on Nvidia's GPUs?

cliffordheath

@johnboy @Sdowney @cstross It's almost like both sides provide things that won't be needed when everyone is suddenly reduced to subsistence farming