Ed Zitron might be the biggest artificial intelligence sceptic on the planet. So it’s no surprise he’s been relishing the farce that’s engulfed the float of Australian neocloud data centre operator Firmus Grid.
“Firmus on the ropes. A pale horse has arrived,” he posted on social media on Thursday.
For those who skipped Sunday School, the “pale horse” is a reference from the Bible’s Book of Revelations. It’s otherwise known as the Fourth Horseman of the Apocalypse, and signifies death.
It’s wonderfully theatrical, but does it hold water?
Zitron has been predicting the imminent popping of the AI bubble for the best part of two years, only to see spending accelerate to stratospheric levels.
And while Firmus may have blamed “recent market volatility and prevailing market conditions” for the decision to pull the float on Friday morning, the big picture tells a different story.
In a week that Nvidia, the S&P 500 and the Nasdaq all hit record highs, it’s frankly easier to see galloping stallions than pale horses.
And yet, there are more than a few signs of nervousness, even beyond the Firmus flop. Most of these jitters come down to one thing: debt.