Last weekend’s Cheap China Compute brought up several issues facing the AI Spend. The AI Revolution is growing faster than we thought and is already influencing state and local politics coming into the midterms. A few weeks/months ago, the media wasn’t that interested in negative stories on the AI Spend (except maybe to highlight troubles in the bond market). The media narrative may shift rapidly too , giving their bears a bigger stage to express their concerns. Even in the Middle East, countries that once gobbled up Treasuries are facing their own economic slowdown, while seeing their need to spend increase.