TechCheck Takes: AI bubble anxiety is on the rise — AI CEOs weigh in 11/19/25

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 19 November 2025

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

AI euphoria is giving way to fear. The industry that once looked unstoppable is starting to bleed from a thousand tiny cuts. Short sellers like Michael Burry and Jim Chanos are circling, warning that the AI buildout isn’t a one-time investment but a recurring cost wave. In this Take, CNBC’s Deirdre Bosa breaks down the new signals investors are watching, the rising risks behind the spending, and what founders like Amjad Masad of Replit and Navrina Singh of Credo AI see from inside the cycle.

Transcript

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0:00.0	From euphoria to fear.
0:02.0	Fears about valuations in the AI trade weighing on tech stocks all but one member of the MAG7 down today.
0:08.0	Optimism to doubt.
0:10.0	Another day of tech underperformance on some concerns about AI growth.
0:15.0	Signs the markets turning on AI.
0:17.0	The last week in terms of the shift from investors about how they think about AI and that
0:22.3	overinvestment narrative really picking up steam. Not just one headline, but a thousand tiny
0:28.1	cuts. In September and October, debt issuance from just three companies was larger than all of
0:33.6	tech debt issuance in the preceding three years. Noted investor Michael Burry among the latest to weigh in,
0:39.7	accusing some of the biggest tech companies of using aggressive accounting methods
0:43.7	to pad their profits from the AI boom.
0:46.6	Corweave crumbling after last night's earnings report,
0:49.1	despite posting better than expected revenue,
0:51.0	shares dropped 16% to two-month lows today.
0:53.8	Investors disappointed the company's
0:55.3	revenue guidance. I'm Deirdre Bosa with the Tech Check Take. AI anxiety on the rise.
1:05.2	The AI trade is still the market's favorite story, but it's starting to show cracks. Skeptics
1:10.3	like Michael Burry, the original big short investor, getting it's starting to show cracks. Skeptics like Michael Bury,
1:11.2	the original big short investor, getting louder. His warning is that the AI buildout is being
1:15.7	treated like a one-time investment when it's really a recurring expense, a depreciation tsunami
1:21.3	waiting to hit the balance sheets of companies that are fueling the boom. Another fame shortseller,
1:26.0	Jim Chanos, getting in on the action too, throwing cold water on Anthropics latest $50 billion data center plans.
	...

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