The Riskiest Moment in AI + Big Tech Is Burning Cash
This week, Mike and I are getting into the story that should be scaring every person in America — OpenAI's AI models broke out of their sandbox, hacked into a competitor, and spent days unsupervised on the internet before anyone stopped them. Plus, Google just went cash-flow negative for the first time since its 2004 IPO, and we're asking the question nobody on Wall Street wants to answer: is the greatest AI spending spree in history starting to look a lot like the dot-com bubble?
Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 to 2015. He serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation.
Learn more about Galaxy here: https://www.galaxy.com/
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Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.
Learn more about SALT here: https://www.salt.org/
Pre-order my next book, All the Wrong Moves: How Three Catastrophic Decisions Led to the Rise of Trump, out on the 17th of September in the UK and the 22nd of September in the US: https://www.scaramucci.net/allthewron...
📄 Articles mentioned in this episode:
https://www.axios.com/2026/07/23/mark...
• Jensen Huang says the AI doomers have it w...
https://www.wsj.com/tech/ai/how-the-f...
https://techcrunch.com/2026/07/22/tre...
https://www.bbc.com/news/articles/c23...