Key Takeaways Arthur Hayes frames the AI buildout as a credit bust, not a dot-com repeat. Bitcoin may chop between $60,000 and $70,000, with downside to $50,000. He expects AI capex growth to decelerate in 2027, with the slowdown becoming apparent by 2028. What Hayes Thinks the AI Buildout Really Is Arthur Hayes, co-founder of Bitmex and chief investment officer at Maelstrom, argues that the multitrillion-dollar artificial intelligence infrastructure boom resembles a real estate credit bubble rather than a traditional technology expansion. In an essay titled “Situationship,” published on Aug. 4, Hayes compared data center financing to the 2008 financial …