A skeptical take on the AI boom argues the biggest tech companies are hiding weak AI results, which is bad news for anyone betting on the AI trade.

• Nvidia reportedly pays customers to rent back the chips they just bought, which pumps up sales that look like real demand but aren't.
• Microsoft, Google, Amazon, and Meta report every other revenue line but never break out actual AI revenue.
• The claim: their older businesses are still growing, and people wrongly credit AI for that growth.
• If AI were making money, these companies would brag about it — the silence suggests it's losing money instead.

Outlook: Expect pressure on AI-heavy stocks if these companies keep refusing to show real AI profits.