https://alexsmith.codes/ Working notes from Alex Smith on engineering, and on the two or three other things he can't stop taking apart. en-us Thu, 22 Oct 2026 00:00:00 +0000 https://alexsmith.codes/journal/whos-left-holding-the-bag-when-the-ai-bubble-pops https://alexsmith.codes/journal/whos-left-holding-the-bag-when-the-ai-bubble-pops Thu, 22 Oct 2026 00:00:00 +0000 Bubbles end with someone losing money, and which someone matters. The AI boom has already found a way to put the public on the hook before a single IPO lands.