Hello Reader, This week we started to see the real effects of the enormous amount big tech has spent on AI over the last few years. The spending is not new. Alphabet, Oracle, Tesla and the rest have been pouring money into it for a while. What is new is that investors have started to question whether it will pay off, and that doubt is now showing up in the bond market and in credit ratings, not only in share prices. A few things happened at once. Oracle was downgraded to one step above junk...