Arthur Hayes: Why NVIDIA Earnings Proves The AI Bubble Has Years Left To Run

Everyone is asking when the AI bubble pops. Arthur Hayes says that is the wrong question entirely. Arthur Hayes is the CIO of Maelstrom, a family office investing across the crypto and Web3 ecosystem, and co-founder of BitMEX, the first crypto unicorn. He holds a Bachelor of Economics from the Wharton School of Business and previously traded at Deutsche Bank and Citibank. His monthly newsletter moves markets and his macro calls are followed by millions of investors globally. In this conversation Arthur makes the case that the AI capital expenditure cycle is nowhere near its end and that most people asking when the bubble pops are missing the most important data point of 2026. Pickaxe ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ He explains: ◼️ Why NVIDIA beat earnings across the board and what Jensen Huang said about the surge in inference demand ◼️ Why Anthropic just turned profitable after burning billions and what that proves about real AI demand ◼️ Why the more data centers get built the cheaper intelligence becomes and why that drives even more usage not less ◼️ Why the Red Queen Effect forces every frontier AI company to spend another $100 billion just to stay in the race ◼️ Why AI replacing knowledge workers will trigger political backlash in America but nobody will protect Southeast Asian workers ◼️ Why privacy coins like Zcash being delisted from exchanges actually validates the thesis not destroys it ◼️ Why Fed dollar swap lines mean the United States can print infinite money to prevent markets from collapsing ◼️ Why China does not actually want the yuan to replace the dollar and what Belt and Road is really about ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ [00:00] Intro [01:00] Will The AI Bubble Pop? [02:30] Anthropic Just Turned Profitable [03:30] Why NVIDIA Keeps Beating Earnings [04:30] The Red Queen Effect Explained [05:30] Can OpenAI Survive Without Hardware? [07:00] How Many Jobs Will AI Actually Destroy? [09:00] Why America's Workers Will Fight Back [11:00] Nobody Is Protecting Southeast Asian Workers [13:00] Are Privacy Coins Dead Or Just Starting? [14:30] Why Zcash Being Delisted Proves It Works [15:30] Can The Fed Prevent A Systemic Crisis? [17:30] What Putin And Xi's New Trade Routes Mean [18:30] Does China Want To Replace The Dollar? [20:00] Why Bitcoin Wins Every Scenario ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Follow Arthur Hayes: X — https://x.com/cryptohayes Substack — https://cryptohayes.substack.com Maelstrom — https://maelstrom.fund ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ BeInCrypto: 🔗 More from BeInCrypto: 👉 Subscribe: https://www.youtube.com/@Beincrypto 👉 BeInCrypto: https://beincrypto.com 👉 X / Twitter: https://twitter.com/beincrypto 👉 Telegram: https://t.me/+U8DQNp4b8Gw3YmZi ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ #ArthurHayes #AIBubble #Anthropic #NVIDIA #Maelstrom #Bitcoin #PrivacyCoins #Zcash #CryptoMacro #BeInCrypto