Ed Zitron: OpenAI's $11B round and Anthropic's amended S-1 point to AI funding running dry

Ed Zitron argues the AI buildout ends when the money runs out, citing OpenAI raising $11 billion at a $1.25 trillion valuation after tepid interest from large investors, below the $30 billion at $1.4 trillion it reportedly sought. He also reads Anthropic's amended S-1 as showing Q3 revenue near $17 billion against compute costs of $9.9 billion, roughly $895 billion to $1.07 trillion in total obligations and a possible sub-investment-grade rating. He ties this to debt markets shutting out neoclouds, Google's lower search monetization from AI overviews, and OpenAI contributing about 11% of Microsoft's latest quarterly revenue.