The AI Boom Isn’t Real: 70 Percent of AI Revenue Comes From OpenAI and Anthropic - Ed Zitron (Video)
In this 7 August 2026 published video, host Isaac Pound talks with Ed Zitron, an English authoe, podcaster and public relations speciailist widely recognized as one of the tech industry’s most vocal critics, particularly concerning the generative artificial intelligence boom. Zitron describes a circular flow of capital where giants like Microsoft and Amazon fund these labs, which then pay the same giants for cloud computing, masking a lack of organic market demand.
Financial disclosures indicate that a substantial portion of AI revenue growth among major tech firms is heavily concentrated, with an estimated 70 percent or more originating from OpenAI and Anthropic. This concentration raises concerns among analysts that the AI boom is driven by a circular, capital-intensive loop rather than widespread enterprise demand
Zitron is heavily prominent in mainstream financial and tech discourse for his deeply bearish, structural critiques of major artificial intelligence companies and Silicon Valley infrastructure spending. His core arguments center around what he defines as an unsustainable economic bubble.
Zitron argues that major tech “hyperscalers” are masking market risks by keeping roughly $1.65 trillion in AI-related infrastructure debt off their primary balance sheets through Special Purpose Vehicles (SPVs) built for data centers. He heavily critiques companies like Nvidia for engaging in what he terms circular financing—such as backing multi-billion-dollar compute and GPU loans for OpenAI and SoftBank—to artificially inflate revenue pipelines for infrastructure that lacks proven consumer demand. Zitron frequently highlights that despite hundreds of billions in capital expenditures, top-tier AI developers like OpenAI and Anthropic remain highly unprofitable, warning that their financial distress could trigger a broader market correction. He often notes that public tech companies have begun obscuring their specific AI revenues, viewing it as a clear signal that the financial returns from LLMs are failing to meet market expectations.
https://youtu.be/68X8yEatepQ
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