A Wall Street Journal column by Jonathan Weil said the AI industry may be showing signs of a possible "funding gap" similar to warning signals seen before the dot-com bust and the 2008 subprime crisis. The piece said leading AI companies including OpenAI and Anthropic continue to burn cash and have not publicly reached profitability, while part of their fundraising capacity still depends on continued backing from companies such as Nvidia and SoftBank. It also noted that Anthropic’s IPO timing was pushed back from October to November, and AI data center supplier Holtec Nuclear paused its listing plan this month. Oracle’s debt-backed data center spending was described as relying on OpenAI continuing to pay for computing capacity, tying a broader part of the AI trade to a small number of private labs. Weil said the clearest threat to the sector remains the risk of the funding window closing, while adding that the recent delays look more like an early sign of caution than proof that the window has already shut.
Wall Street Journal columnist Jonathan Weil said the AI industry may be showing "funding gap" signals similar to those seen before the dot-com bust and the 2008 subprime crisis.
The column said leading AI companies such as OpenAI and Anthropic continue to burn cash and have not publicly achieved profitability. Their ability to keep raising money, it said, partly depends on continued support from companies including Nvidia and SoftBank.
The article also said Anthropic’s IPO timing has been delayed from October to November, while AI data center supplier Holtec Nuclear paused its listing plan this month. Oracle’s debt-driven spending on data centers also depends on OpenAI continuing to pay for compute capacity, leaving a broader swath of the AI industry closely tied to a small group of private labs.
Weil said the most direct threat to the AI sector remains the possibility that the funding window could close. At the same time, the article said the recent delays look more like an early sign of caution, not proof that funding access has already been shut off.
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