Elon Musk just warned that over 200 AI companies might go bankrupt, and OpenAI has already had its funding cut by $10 billion! Wow, Musk's warning from last week has already become a reality so quickly. Musk said that in the past few weeks, the bond market has been almost unwilling to lend money to companies lacking stable revenue beyond AI data centers. He also revealed that SpaceX successfully secured $40 billion in GPU debt financing based on revenue from its Starlink and rocket launch businesses, and predicted that over 200 emerging AI computing cloud companies globally would face large-scale elimination and consolidation, with only a few ultimately surviving. Less than a week later, bad news came from OpenAI. The Financial Times and the Wall Street Journal reported that OpenAI's original plan to raise $30 billion has been cut to $20 billion, with its target valuation dropping from $1.4 trillion to $1.25 trillion, a direct reduction of $150 billion. Even more embarrassingly, it has reportedly only received about $11 billion in investment commitments so far, less than half of its original funding target, with some investors already reducing their subscription amounts. Meanwhile, Anthropic, preparing for its IPO, has also encountered trouble. It just announced a massive $63 billion AI computing power financing arrangement, but Blackstone has warned investors that Anthropic may only receive a BB (junk) credit rating after its IPO, instead of the previously expected investment-grade rating. The rating is not yet finalized, but if this is the case, the cost of borrowing money to build data centers in the future could be higher, and some institutional funds may be unable to participate. Wall Street's attitude is already reflected in the stock market. On October 30, the Nasdaq plummeted 2.9% in a single day, retreating 7.8% from its all-time closing high on October 6. AI companies are still frantically buying chips, building data centers, and vying for users, but investors are beginning to wonder when these astronomical investments will finally translate into profits. Looking at Musk's warnings, OpenAI's reduced funding, and Anthropic's credit rating risks together reveals a shift: The AI industry's funding environment is moving from a "bigger story, bigger money" approach to one where only those with stable cash flow have the right to continue burning cash. The demand for AI hasn't disappeared, but Wall Street has begun to reprice this trillion-dollar gamble. The most vulnerable next are likely those AI computing power companies that haven't yet generated revenue but have already accumulated debt.