If left alone, by the start of summer next year? I've thought that for a while but OpenAI and Anthropic were supposed to have gone public by now and have not. Whenever they do I think that really lights the fuse.

But I don't think the current US govt. will leave it alone and just let the bubble pop. They'll find some way to inflate trillions of dollars into existence to backfill the private equity / venture capital dollars that aren't there and keep the line going up for another year and a half.

Then they pull the plug on the rolling bailout Nov. 28 and let it all come down early '29, and tell everyone the collapse is the incoming Democratic president's fault- a stab in the back by America-hating woke socialists- and voting for a fascist supermajority in congress in 2030 is the only way to fix it.