The securitization of AI compute assets into tradable instruments mirrors the mortgage-backed securities model that preceded the 2008 financial crisis, creating potential systemic risks

"Just as mortgages were once bundled into securities that investors could buy and sell, the plan is to package the machines humming inside data centres into instruments that behave like bonds, complete with a secondary market and, the pitch goes, lower borrowing costs for everyone downstream. The comparison is flattering to nobody old enough to remember what happened the last time a bank promised that an untested asset would trade as safely as a government bond."