What if the AI boom goes into reverse?

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My latest piece for Reuters is online. I follow in the footsteps of my earlier comments on why I think the business model of AI companies like Anthropic and OpenAI is fundamentally flawed and why hyperscalers face impossible math. In this one, I explore how bad the hit to equity markets could be if the AI boom goes in reverse and if there are good hiding places.What if the AI boom goes into reverse?LONDON, May 29 (Reuters) - Investors should be asking not whether the AI boom will end, but what will happen to markets when it does and where safety may be found.I have previously argued that the business models of OpenAI, Anthropic and other AI darlings look increasingly unsustainable and that hyperscalers such as Meta (META.O), opens new tab and Amazon (AMZN.O), opens new tab face ​daunting maths to make their data centre investments pay off. Yet, for now, the investment surge continues to accelerate.Read the full piece here: https://www.reuters.com/commentary/reuters-open-interest/what-if-ai-boom-goes-into-reverse-2026-05-29/