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EZ Ed Zitron Ed Zitron Writes Where's Your Ed At, a newsletter on the AI industry's finances, and hosts the Better Offline podcast covering the same territory in audio.

“No one wants to be the person that runs for the door. Because they know that once they do that, everyone panics at once and blames them. However, doing that is the smartest call, but doing it too early will make you look stupid. Doing it too late will make you look stupid.”

The Tech Report · October 2026

“No one wants to be the person that runs for the door. Because they know that once they do that, everyone panics at once and blames them. However, doing that is the smartest call, but doing it too early will make you look stupid. Doing it too late will make you look stupid.” — Ed Zitron, The Tech Report

The host cited a Bank of America survey in which fund managers named hyperscaler AI capex as their top worry, even as they keep investing in it. Zitron on why nobody moves first.

The Tech Report · 2026-10-23 Listen to the episode → More from Ed Zitron →

Transcript

The Tech Report Around 26:55 into the episode
Ed Zitron

…the original guesses weren't based on anything. It's almost as if they never really thought about it. Because they didn't. That's the secret. None of them do. They are, they're just like, just like you and me. I don't know what I'm going to have it for breakfast in the morning, and neither do they.

Isaac Pound

…there until it all goes wrong or just before if they're smart enough. What it begs the question: from the perspective of the money manager, what is their way out of this if they both can't leave because they're expected to be in, but if they don't get out, then it's gonna, they're gonna lose. It's

Ed Zitron

…it is a problem in our financial system. It is something that journalism can actually push back on because unsafe things keep happening because of this. There is also the pure hypocrisy of it, which is that Bank of America, at the same time as publishing that is saying, yeah, there's an AI bubble, but you should keep investing in it. Because no one wants to be the person that leaves first. No one wants to be the person that runs for the door. Because they know that once they do that, everyone panics at once and blames them. However, doing that is the smartest call, but doing it too early will make you look stupid. Doing it too late will make you look stupid. So it's who is going to act, who is going to say, I'm full first. That's really what the question is. And it's impossible to tell. It's because it could be any of them at any time. But the fact they're all saying it is a pretty big worry. But honestly, it's all of them pointing guns at each other. Just like, I'm going to pull the trigger. You're going to pull it first. I'm going to shoot you in…

Isaac Pound

Well, Ezekron, thanks for taking the time. Thanks

Ed Zitron

for having me. If

Isaac Pound

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