{"id":676110,"date":"2025-11-24T00:00:00","date_gmt":"2025-11-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/24\/the-big-short-part-ii\/"},"modified":"2025-11-24T00:00:00","modified_gmt":"2025-11-24T00:00:00","slug":"the-big-short-part-ii","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/24\/the-big-short-part-ii\/","title":{"rendered":"The Big Short, Part II?"},"content":{"rendered":"

When it comes to AI, ignore the stock charts \u2014 the real story may be in the <\/strong>amortization schedules. <\/strong>Pundits who spent last week watching the red arrows on the Nasdaq (down 2.7% for the week) may have missed the real story: The sell-off was noise, when the signal is in the accounting.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

What we\u2019re seeing now is the real-time collision between two fundamental views of the AI <\/strong>economy: <\/strong>The \u201cdeployment phase\u201d optimists who see a productivity boom, and \u201ccapex realists\u201d (think: Michael Burry) who see (at best) a hole in the balance sheet that revenue cannot (yet?) fill.<\/p>\n

The bulls see a deployment dividend on the horizon. <\/strong>The New York Times<\/a> has recently argued that the \u201chype cycle\u201d is coming to an end and the \u201cdeployment cycle\u201d has begun. The argument: AI is no longer a parlor trick \u2014 it\u2019s starting to show up in GDP and output-per-hour data. Bulls claim we\u2019re at the start of a structural shift comparable to electrification or the internet \u2014 but happening at 2x the speed.<\/p>\n