In the United States, Eric Jackson has raised concerns regarding CoreWeave's significant debt amidst the ongoing AI boom. Unlike the Dot-com bubble characterized by inflated valuations and phony revenues, he highlights CoreWeave as a company built on substantial physical infrastructure, yet marred by a staggering debt of over $25 billion. This precarious financial structure subjects equity holders to substantial risk, necessitating constant growth in AI demand to prevent catastrophic losses. Jackson's analysis draws parallels to the 1860s railroad industry, indicating that, while railroads had substantial physical assets, they also bore immense debt that threatened their survival. He expresses worry that CoreWeave, despite its strong partnerships and a backlog exceeding $55 billion, may not withstand a slowdown in AI demand. If such a slowdown occurs, the focus of investors will likely shift from growth prospects to the stability of balance sheets. The caution he provides aims to alert investors to the operational dependency CoreWeave has on third-party providers for its infrastructure needs. Jackson argues that this dependency, along with the company's high cost of capital, creates fragility within its financial structure. He emphasizes the importance of credit quality amidst a marketplace increasingly focused on leverage. As firms in the AI sector begin to differentiate themselves, those with stronger balance sheets will be favored. Ultimately, Jackson's warning stresses that while infrastructure may remain intact, equity positions are vulnerable to collapse in a downturn if growth resumes only to a moderate extent. The current market environment could lead to a major re-evaluation of firms like CoreWeave, whose financial health may dictate their longevity in an uncertain future.