He writes:

“The AI industry published its own x-ray this week.

Forty-one AI-related stocks now account for nearly half the S&P 500’s market value. Strip out the data center boom and the world’s largest economy is barely growing.

The entire appearance of economic health rests on one sector’s capital expenditure.

Meanwhile: 95% of enterprise AI deployments have produced nothing their own executives can find on the books. The numerator is precise — companies can measure AI costs to the fraction of a cent. The denominator is blank. A token buys intelligence, which has no unit of measure.

ROI spreadsheet algebra indicates #DIV/0!.

Each 100-word AI prompt uses roughly one 500ml bottle of water. Two-thirds of planned datacenters are being built in drought-affected land. The meter runs to the fraction of a cent. The water table goes down.

The spending is real. The total cost unaccounted for. The returns, elude.”