The AI Credit Crisis Mechanism: How GPU Debt Becomes a Systemic RiskThe mechanism functions as follows: capital that might otherwise have bid on Bitcoin has instead been routed into data center build-outs and GPU clusters financed with multi-year debt. As Hayes characterized it on the podcast, that repricing of cash flows becomes a credit event – and as a credit event, it would be bigger than subprime. The invalidation path is equally clear: emergency liquidity in a credit crisis historically flows first to Treasuries, gold, and perceived safe havens. DISCOVER: Strategy’s mNAV Compression and What It Signals for Institutional Bitcoin DemandThe analytical question is no longer whether AI capital spending is unusually leveraged – the BIS documentation of shadow AI borrowing confirms it is. The question is whether the credit event Hayes anticipates arrives with enough severity to force a policy response at the scale his Bitcoin price prediction requires, and whether that response reaches Bitcoin before it reaches everything else.