Is the AI boom about to face its biggest financial reality check? Elon Musk says most smaller AI cloud players could fail or get acquired as debt markets tighten CIFR has $6B in debt vs. $832M in cash IREN has $7.6B in debt vs. $5.9B in cash NBIS has $8.5B in debt vs. $8B in cash and remains unprofitable These numbers don’t automatically mean these companies will fail, but they show why financing conditions matter AI demand is one side of the story Paying for the infrastructure is the mother