Arthur Hayes: trillions are being 'wasted' on AI boom, crash and bailout ahead

Former BitMEX CEO Arthur Hayes told CNBC that humanity is "wasting multi-trillion dollars" on AI data center buildout. He expects overcapacity to trigger a crash and a bailout in late 2027 or 2028, with bitcoin and crypto benefiting from the excess liquidity that follows.

• Hayes says multi-trillion dollars are being wasted on AI data centers
• Key test comes in late 2027 or 2028 when customers pay for committed compute
• SpaceX, OpenAI and Anthropic drive demand but make no money, he says
• Hayes is launching Flop, a spot market for compute, in Q1 2027