Don't forget all the data centres they're on the hook for to support demand that isn't there. As they come online, the operators are going to expect to be paid.

The slop pushers have a bunch of spending commitments that aren't technically loans. But they'll still come due.

With no exponential improvement in efficiency it means they have basically hit the ceiling on LLMs and constsntly increasing compute to make any progress is no longer drawing in massive funding. They just want a reason to maintain the current level while they shift to sucking money out of the people who are stuck with LLM workflows.

Yep. If they just stop building for financial reasons then it looks like a bad investment. If it's because "the technology is too good" then they can slow down and act like it's a good investment at the same time.