Ed Zitron is a moron who has predicted the past nine out of zero AI crashes, who simultaneously gets paid to hate on AI while also getting paid to promote AI (DoNotPay).
The funny thing is that he openly acknowledges that inference is very profitable (~40% margins) for all parties - he just argues that you should count training. But that argument makes no sense, because if capital tightens across the AI industry, then everyone will cut back on training and scaleup, and... then what? Where's the implosion? Everyone is profitable then. You may lose certain players in competition against others (their as-mentioned profitable assets being gobbled up by others), but the industry remains healthy.
There are more dramatic types of possible contagion risk, but they all end up with *someone* holding onto the high-profit-generating inference assets, even if it's high-seniority investors, leaving the the low seniority investoors high and dry.