Mark MossChief Bitcoin Strategist Satsuma | Partner BTCOppFund | ArchLending | BlockwareTeam | 100M+ YouTube

The AI Bears Could Be Years Too Early

27 Sept 2026 · 1 min

Watch on YouTube

0:36

In this commentary, Mark Moss outlines the bearish outlook for big‑tech AI firms, arguing that their cash flow will become constrained, financing will slow, and capital‑expenditure cycles will roll over, potentially ending the current boom. He then references Larry Fink’s view that Wall Street can generate new pools of capital to keep funding AI build‑outs even after the sector reaches its limits. Moss concludes that while the bear case may be fundamentally correct, it could be years premature, and in market terms being early can appear indistinguishable from being wrong.

Chapters

That's what the bear case depends on. The bears are assuming that big tech eventually runs out of room. Cash flow is going to get squeezed, the financing slows down, the CapEx rolls over, and the boom breaks. But Larry Fink just showed us something completely different. The financing system doesn't have to stay the same. Wall Street can bring in new pools of capital, keep funding the buildout long after big tech hits its own limits, which means that the bears could eventually be right, they could also still be years too early. And in markets, being years too early can look exactly like being wrong.