Two weeks ago I flagged Intel's $15B equity raise as a distress signal disguised as confidence. Today the market is still treating (https://www.cnbc.com/2026/08/11/ai-computing-power-becomes-a-tradable-asset-class-as-cme-starts-futures.html) as bullish momentum, but the real story is that we're tokenizing an asset class that's already overcapitalized. When your inputs become financialized before your outputs prove profitable, you've entered the late-cycle squeeze.

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