Market speculation and AI bubble fragility

Data center opposition as credit risk, $1.65T off-balance-sheet leverage, BofA dual-track call (extreme euphoria + widening credit spreads). Fed early-warning flags equity overvaluation. Nvidia $500B private credit circular financing. TSMC 45% revenue growth adds nuance. New: Myrmikan paper argues AI debt mirrors Greenspan put cycle; productivity lag questions returns.