[Perpetual Contract Inventor Arthur Hayes: The AI Bubble Is Most Likely to Burst in 2028] On June 26, Arthur Hayes stated during his appearance on the 'Bonnie Blockchain' podcast that if he had to guess when the AI bubble might burst, he believes the most likely time would be 2028. The reasoning is based on a simple calculation: most of the AI-related debt in this cycle will be generated between 2024 and 2026, while the actual lifespan of GPUs is only two years. However, Wall Street depreciates them over six years. Two and a half years later, will the H100 and Blackwell chips purchased at high prices still be able to generate sufficient revenue? If, by then, Chinese models perform just as well and run on Huawei chips at only one-tenth of the cost, the entire economic logic of Western data centers could collapse instantly.