$1.65 trillion in hidden debt. Valuations 10 to 25 times higher than the competition. An energy grid that has not been upgraded since the 1970s.
That is the American AI industry right now.
I joined Andrew Neil to lay out why I believe we are watching the biggest financial bubble since 2008 inflate in real time, and why the bust could arrive within 2 years.
China built an 800-volt transmission system before AI even arrived. America cannot transfer power across states.
Texas data centres are requesting 5 times the entire state’s peak electricity. The waiting list for gas turbines is 7 years.
No small modular reactor will be online before the mid-2030s.
And the financing? Private credit, largely unregulated, heavily leveraged, and completely opaque.
This is exactly the dynamic that gave us the global financial crisis. Excessive private sector leverage, off-balance-sheet vehicles, and nobody watching the store. 1 in 10. That is how many American AI companies I expect to survive what is coming. For a more comprehensive understanding, please refer to the video presentation. #SteveKeen #AIBubble #FinancialCrisis #PrivateCredit #Energycrisis #China #Economics
https://youtu.be/5zJrgmfLsy0?si=W_K5GUBjumDp1_xo
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Jul 23, 2026 The Andrew Neil Report On this episode of The Andrew Neil Report, the veteran broadcaster is joined by economist Professor Steve Keen – he’s an honorary professor at UCL and predicted the 2008 financial crash earlier than most. The pair sit down to discuss the recent release of Kimi K3 from Chinese company Moonshot that saw Wall Street stocks take a tumble. It’s a powerful AI model that’s cheaper than many of its US rivals. The world’s two biggest economies have been locked in an AI Cold war for some years now, so is this just a flash in the pan or a tipping point for the AI bubble and the global centre of power? This is The Andrew Neil Report.
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