Hayes Sees AI Boom Ending in Credit Crisis, Boosting Bitcoin

Arthur Hayes, co-founder of BitMEX, has published an essay arguing that the artificial intelligence (AI) infrastructure boom could end in a credit crisis rather than an equity collapse. He believes AI spending resembles leveraged real estate, making it vulnerable to economic value loss as newer chips become more efficient.

Hayes predicts that a slowdown in data center construction could expose weak borrowers and financiers, prompting government intervention and broader monetary easing. He thinks the resulting liquidity could support a renewed Bitcoin bull market.