⚡️Elon Musk posted an extremely harsh tweet yesterday, which many people didn't understand, but I must remind you: "The debt market has almost completely cut off funding for companies without AI data center revenue. Over 200 emerging tech companies face mass bankruptcies and consolidation." What does this mean? AI giants are frantically borrowing money to develop AI, but the door to borrowing is gradually closing. Companies without real cash flow can't get loans. Musk also said that SpaceX was able to borrow $40 billion because Starlink has real revenue; Meta raised $95 billion because its free cash flow turned negative. Meanwhile, SK Hynix is using 100 trillion won for share buybacks and dividends. The sellers are counting their money, while the buyers are borrowing. Two mountains are weighing on their heads: a 5% yield on 10-year US Treasury bonds, Brent crude oil at $115, and the Fed's continued interest rate hikes. Borrowing costs simply won't come down. CDS junk bonds are already falling. The current high valuations of AI are entirely propped up by borrowed money. Once borrowing stops and the funding chain breaks, it won't be a correction, it will be a collapse.