Recent OpenAI revenue revisions downward to around $50 billion annualized have amplified bubble concerns, triggering sharp drops in Nvidia, Oracle, and related stocks amid warnings from Ray Dalio and Broadcom’s CEO about unsustainable debt-fueled spending and casino-like investor behavior. Heavy use of special purpose vehicles and off-balance-sheet financing for data centers heightens risks of a 2027 spending cliff if enterprise adoption fails to scale revenues. Countering this, Meta’s new frontier models and Microsoft’s Maia 300 chip underscore ongoing capability gains and competitive intensity, while strong backlogs at hyperscalers support trader skepticism. Polymarket odds remain low at roughly 6% for a downturn by year-end and 19% by mid-2027, reflecting consensus that broad crash triggers are unlikely to align soon.