What would trigger the 15% Bear Case crash?
In Crashtech's reading of the "Wires Crossed" path, enterprise AI adoption hits a hard ceiling and high-profile defaults on Big Tech's off-balance-sheet data center and power leases trigger a credit crunch. Stranded compute assets and collapsing software margins could wipe out trillions in equity value.
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The Three Futures of the AI Boom: Bull, Bear, and the 60% Middle PathStifel gives 2026 a 25% bull case, a 15% bear case and a 60% constructive base case. What each path could mean for AI companies and developers.
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