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Ripple Effect

AI’s Infinite Money Glitch

Loading ...Addison Wiggin

September 24, 2025 • 1 minute, 7 second read


AIAI bubble

AI’s Infinite Money Glitch

Late into the dotcom era, companies realized they could create profits without having to actually have cash change hands.

Rather, they could announce a massive deal that would take years to play out. And rather than spread out the costs, it could be booked as revenues in the quarter of the announcement.

Not profits, but revenue all the same. That accounting trend was a hallmark of the boom… and the bust… of tech shares 1998-2000.

Today, we’re seeing the beginnings of that trend in AI – this time at scale.

On Monday, Nvidia shares popped nearly 4% on news that they would invest up to $100 billion in OpenAI.

That’s just part of the bizarre trend where large-cap AI names are now announcing deals with each other – and seeing an immediate boost to their company’s valuation – well before any money changes hands.

Turn Your Images On

Today’s major AI players are essentially a closed-loop economy (Source: Kakashii via X)

We know Nvidia’s need to sell chips is crucial for keeping its earnings engine going. The “investment” in OpenAI will allow OpenAI to buy Nvidia chips. And Oracle software and services – which in turn increases demand from Nvidia’s chips.

Round and round it goes.

You’re free to draw your conclusions. Just keep mind, in 2000 the jig ended badly for a whole class of  “dotcom” stocks.

~ Addison


The Government Shutdown Isn’t Stopping the Debt

October 23, 2025 • Addison Wiggin

Alternative assets like gold and bitcoin are trading off their highs right now, but rising levels of debt and an ongoing political impasse will likely mean much higher price moves for these assets in dollar terms.

The Government Shutdown Isn’t Stopping the Debt
When Debt Strangles Growth

October 22, 2025 • Lau Vegys

U.S. government debt is edging closer to the $38 trillion mark — now well over 120% of GDP. That puts the U.S. in the same league as basket-case economies like Venezuela, Sudan, and Lebanon. Not exactly the kind of company you want to keep.

But it makes sense: history shows that once a country crosses this threshold, things start to break — and it’s rarely just one thing. I’ve talked a lot about that in the past.

When Debt Strangles Growth
Dunning-Kruger and The Greatest Fool

October 22, 2025 • Addison Wiggin

An admission: we’re mildly obsessed with the private credit markets.

When there’s a bull market in everything — AI stocks, financials, rare earths, gold and silver — it helps to keep an eye on the plumbing.

One chart tells the tale: since 2015, bank loans to non-depository financial institutions (NDFIs) — think private equity and private-credit funds — have soared nearly 300%.

Consumer loans, residential mortgages, commercial real estate? Flat as Kansas. Post-2008, Basel III and Dodd-Frank made leveraged and middle-market lending so capital-intensive that banks stepped back.

Dunning-Kruger and The Greatest Fool
Source of the “Debasement Trade”

October 22, 2025 • Addison Wiggin

Gold dropped nearly 2% yesterday. But with the massive increase in fiat currencies globally, that’s an opportunity to buy more cheaply.

With that much cash sloshing around the system, the “debasement trade” is a go.

Source of the “Debasement Trade”