Part 10Who writes the checks
Against that growth sits the loss-making base of the chain: Steve Eisman, in an episode with Ed Zitron, cited OpenAI’s $20.9 billion loss in 2025 on $13.07 billion of revenue.
The Bubble Is in the DenominatorPerson
Ed Zitron
Ed Zitron appears in Part 6, Part 8, Part 10 of The Buildout. Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 10: The Bubble Is in the Denominator. Argued in Part 8 (A closed loop).
What Ed Zitron argued
On the record, by story.
Paraphrased and attributed, with the date and a link where one exists. DeepStack keeps no score of who was right; the dated tests do that work in the open.
Part 08 · A closed loop
Over $1T of GPUs bought to win two unprofitable labs, the source of about 70% of hyperscaler AI revenue.
AI Lenders Are Financing the End of Scarcity Who is on each side
In The Buildout
Where Ed Zitron appears.
One line per story, from the story itself.
Part 08Cash, or a loop
Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.
AI Lenders Are Financing the End of ScarcityPart 06Scarcity has three faces
Steve Eisman, in a conversation with Ed Zitron, draws the darker inference: data centers are harder and costlier to build than planned, gigawatt projects are late, and every month of slippage gives customers who already lose money more time to stumble.
Power Doesn’t Depreciate. Its Premium Moves.
Across the DeepStack reading
How often it comes up.
3 sources, 0 claims and 0 texts mention Ed Zitron, as of Oct 8, 2026. A count of attention, not a judgment.
Analysis and opinion, not investment advice. What a person argued is reported, not rated; DeepStack shows no score, ranking or accuracy for anyone.