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One question nobody's asking:
Ray Dalio says a cash crisis will prick the AI bubble.
Where exactly is the missing cash?
At N72, I quantified the mechanism: >$100B in phantom profits. When the impairments hit, it will be news.
For Journalists: This page provides background briefings, broadcast-ready clips, one-pagers, free Questions Whisperer calls.
Nicolas Chantier | Founder and Chief Analyst
Nicolas Chantier
Press Kits - Download Now:
The 5 Forces Summary (1-page pdf - Downbload) : The Structural forces shaping the AI infrastructure economics through 2025.
N72 Backgrounder (1-page pdf - Download) : Bio, methodology summary, contact information.
Visual Explainer (6-pages pdf - Download): The $100B Phantom Profit (PDF carousel, 6 slides)
Video - the gap explainer (3 minutes) : Unlisted YouTube video (Link) embedded below + 4K download (.zip download link)
Media Kit (.zip - Download): Headshots, N72 logo, brand assets.
All materials are TLP:CLEAR - Free for editorial use with attribution.
The conversations that started the debate:
A. January 2026: Harald Berlinicke's LinkedIn post discussing N72's depreciation thesis generated 160+ comments and 140+ reactions, with engagement from portfolio managers, credit analysts.
View the conversation: Link to Harald Berlinicke's post.
B. January 2026: Nicolas's comment on Dr. Mohamed El-Erian's LinkedIn post (Link here) about AI capital flows received the highest engagement of 22 comments.
This week : The Dalio Connection
Ray Dalio (January 6, 2026): "The AI boom is now in the early stages of a bubble... about 80% of the excitement seen before 1929."
He called the direction. He didn't explain the mechanism.
N72's research quantifies one mechanism: >$100B in "phantom profits" from the gap between depreciation policy and semiconductor physics.
Michael Burry (January 13, 2026): Now shorting NVIDIA on the same depreciation thesis N72 documented. He wrote: "Big Tech customers are overstating the lifespan of Nvidia's chips to drag out their depreciation and flatter their short-term profits."
The 5 Structural Forces.
N72's AI Economy Inflection Report tracks five forces converging in the 2027-2030 window:
1. THE DEPRECIATION GAP
2. EDGE-CLOUD BIFURCATION
3. OPERATOR TRIFURCATION
4. CIRCULAR FINANCING WEB
5. DEMOGRAPHIC CAPITAL FLOWS
Each force is quantified. Each claim is sourced.
The arithmetic is auditable.
The Interview Questions Whisperer
Because the right questions create better journalism. And better journalism creates better markets.
I am happy to help journalists prepare for executive interviews.
If you're interviewing an AI or a Semiconductor industry CEO, CFO or executive, or any AI infrastructure leader—I can suggest the questions that their prepared talking points probably don't cover. The questions that come from the arithmetic they'd rather not discuss.
This is free. No obligation. 20 minutes on the phone.
Nicolas Chantier - Founder and Chief Analyst - N72
I'll suggest the questions executives don't want asked
Nicolas Chantier
Nicolas Chantier
Founder and Chief Analyst, N72
26 years inside the semiconductor industry—not in a laboratory, but at the intersection of technology and commercial strategy.
National Semiconductor GmbH, now Texas Instruments (1998-2007)
Teledyne e2v (2007-2024)
Columbia Business School: Value Investing, Advanced Financial Statement Analysis
The methodology comes from Professor Doron Nissim's earnings quality framework. The industry knowledge comes from building product lines that delivered 80% gross margins through competitive cycles.
The combination: semiconductor physics meets financial analysis.
That's what most research lacks.
Contact
Contact
Email: nicolas.chantier @n72.tech
LinkedIn: linkedin.com/in/nicolaschantier
For interview requests: Book a Question Whisperer Call
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