Surface wealth ≠ real gold and silver; if the major manufacturers in 2025-2026 simultaneously lack liquidity, can the market handle it?

Ray Dalio warns that the AI investment frenzy could collapse when cash is needed, and the bubble will end when paper gains turn into real cash. The risk lies in how the market funds the rapidly growing wealth, as investors often equate wealth with cash. In 2025-2026, Alphabet, Amazon, Meta, and Microsoft will spend approximately $410 billion to $650 billion on AI infrastructure. If the growth of paper wealth outpaces the money supply, debt, taxes, or withdrawals will force assets to be sold.