Bad news for anyone betting on AI stocks: the money side of the AI boom is starting to look shaky, with clear echoes of past bubbles.

• Bank analysts at Citigroup and Bank of America now say the chip sector is in "bubble" territory, having shot far above its long-term trend.
• The worry is "circular financing" — chipmakers like Nvidia lend customers money to buy their own chips, which flatters revenue without real outside demand.
• Elon Musk is pitching data centers in space by 2029, and insurers and traders are already scrambling to price the risk of assets that could literally crash or explode in orbit.
• Compute is now being treated like a commodity — traded like oil, with GPU futures and finance teams building it into a new asset class, drawing Enron comparisons.
• Red flags are piling up at OpenAI as top executives head for the exits right before a planned IPO, while spending on compute stays enormous.

Outlook: The whole trade rests on demand staying high, so any pullback in buyers — or cheaper Chinese AI models — could pop it fast.