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Is AI a bubble? Wrong question. It keeps you a spectator while the people moving capital are already three moves ahead.

The right question: when this wobbles, are you a forced seller or the buyer of the wreckage?

The technology is real. The financing structure underneath it is one of the most fragile capital architectures in recent history. Both are true at once.

In this week's episode of Making Billions, I break down the circular financing loop, the depreciation mirage, and the exact four-move framework for positioning before the unwind starts. 

This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.

To reach out to Reef Pass Investors, email holdcofounders@reefpassinvestors.com

What does "bubble" actually mean?

Not that prices went up. A bubble is when price detaches from the cash flow justifying it, financed by belief instead of earnings. Pull the confidence, and the financing mechanism stops functioning entirely, not just prices drifting down.

If you manage capital, raise it, or allocate it, the next 18 to 36 months transfer enormous wealth from the fully invested to the patient. That transfer is already loaded into the structure. The only thing undecided is which side you're on.

Explore the risks and opportunities behind the AI boom with my AI Bubble Exposure & Capital Positioning framework. 

DOWNLOAD: The AI Bubble Exposure & Capital Positioning Scorecard

[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.

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