UNFTR Weekly Roundup

Join us on Discord and Bluesky, and check out Max’s contributor videos on the MeidasTouch Network!

Max Notes

Bloomberg published a piece about the incestuous funding relationship between the leading AI companies in the United States. And this graphic sums it up pretty well.

This discussion has become all the rage in the news media and it’s interesting to see where everyone is landing. The investing community is willing AI into functional and profitable existence, though it’s unclear whether this will ever be possible.

Then again, it took 20 years for Amazon to turn a profit.

The capital being poured into AI infrastructure is unlikely to get a return on investment anytime soon if at all. The amount of money being funneled into a narrow corridor of computing capacity is different from the gold rush of internet companies that were built to run on the capacity of the internet. Those companies went belly up but the internet remained and the real power players emerged over time. And the rest of the economy found ways to incorporate it into their processes and systems.

So, is this the dot-com bubble, or something more systemic like the housing crisis?

I think the answer to all of the AI questions is “yes, and.” The main AI companies such as OpenAI and Anthropic are so well capitalized by investors they don’t need to turn a profit. In this way, they’re a lot like Amazon was during the unprofitable decades. So they’re not going to collapse. Nvidia is playing a risky vendor financing game because it’s very likely the demand is there, but the ability to pay their exorbitant prices isn’t. So this will become a fractional game with certain giants pulling away from the pack and getting even bigger, and a constellation of companies who utilize AI to enhance their systems and tech stacks.

Then again, the valuations are already over-inflated, so when the correction comes it could go from isolated to systemic because our policy response might be insufficient to stop the vicious cycle of negative sentiment.

Naysayers who debate the hype around AI are probably right about whether we’re close to achieving artificial general intelligence (AGI). I’m beginning to come around to the realization that AI is the wrong term for what we have now. What we have now, which is incredible, is advanced automated workflows built on sophisticated probabilistic models. These workflows are making tasks easier and faster, and they’re being built into SaaS systems like Salesforce and other platforms to increase productivity and generate more consistent outcomes. These systems are already in use in the medical and diagnostic field, supply chain and logistics, myriad creative disciplines, call center and support services, and a thousand places I can’t even imagine.

Then again, the primary architects of the field such as Geoffrey Hinton—known as the Godfather of AI—and ethicists like Roman Yampolskiy—who coined the term “AI safety”—are convinced that AGI is coming soon and has the potential to eradicate most jobs and will likely start a world war on its own. Cool.

This level of tension between competing narratives screams out for government intervention. Oversight. A cooling down phase. Any attempt at regulation. Instead, the scions of Silicon Valley, all of whom have apparently gone to the dark side, are embedding in the White House and we are moving forward with reckless abandon. Dangerous times indeed.

In terms of the collapse or the bursting of the AI bubble, I have mixed feelings. I think the named players we know are the ones we’re going to know for quite some time. Outside of Nvidia, these others are pre-IPO so the investor risk is isolated to Wall Street and private capital. The so-called “Magnificent 7” might take a hit but as we’ve covered in recent months, the rest of the corporate landscape is humming right along.

The incestuous AI funding cycle reveals that investment risk is just as concentrated as the risk to the overall market. In other words, if the top handful of AI players lose significant value in a market shock, it shouldn’t bleed out to the rest of the market on pure fundamentals. But it would have a significant impact on confidence and probably lead to a badly needed correction.

But the real worrisome thing to me is this…

Companies are performing well in terms of earnings and cash on hand. Yes, they are overvalued, but the business cycle is robust. And yet, the labor market is shrinking by the day. Challenger, Gray & Christmas indicated mass layoffs in their projections. Corporate America is learning that it can do more (or the same) with less. So if this is the revolution before the real revolution, what does that mean? AI doesn’t have to realize its full potential because automation capability is growing exponentially as a result of the capital investments into sheer computing power. Food for thought.

Other things I’m obsessing over…

• Richard Nixon played piano. Bubba blew on the saxophone. But there’s nothing like Power Rocker Javier Milei in Argentina. I’d be fucking rocking out if someone sent me $20 billion too.
  
  
• RFK fired 1,000 employees from HHS but that’s okay because this guy is knocking down mysteries left and right! More dickcheese and less autism! (Sorry.)
  
  
• Dancing emoji characters, donuts on fishing lines, haircut shaming...watching young people humorously protest ICE is simply wonderful.

-Max

Killer Left Take of the Week

KLTW goes to Brittany Page of the Page Perspective who covers Dr. Oz’s recent appearance at the Aspen Institute where he touted the patriotic need for Americans to work longer! All these freeloading seniors need to keep hustling and grinding for the good of the economy, and to make sure they do, we’re going to take shit away from them.

Watch: Donald Trump & Dr. Oz WILL FORCE Elderly Disabled People Into Work Instead of End of Life Dignity!

This Week on the UNFTR Podcast

Barack Obama.

The Greatest Republican President of My Lifetime.

Barack Obama was the greatest Republican president of my lifetime—a statement sure to fire up establishment liberals and conservatives alike. But for progressives in the United States, this is what the Obama years felt like. Today’s episode examines the seminal policy achievements of the Obama years from the Affordable Care Act and wars in Iraq and Afghanistan to DACA and the response to the Global Financial Crisis. We offer the liberal and conservative views of the same issues, then finish with the progressive perspective on all.

Here’s a snippet from the pod:

Max: If Donald Trump has proven anything, it’s that you can do just about anything when you have the desire and political capital to do so. And for a moment, while the liberal establishment was basking in their own self satisfaction for breaking a racial barrier, they forgot that the fight had only just begun. To liberals, Barack Obama was the change they hoped for. Progressives hoped he would bring change. And in a way, I guess he did. By firmly defending the status quo, he ushered in the biggest change this country has ever seen.

Chart of the Week

Change in Seated Diners by Week, 2025 vs. 2024

Source: OpenTable

Toward the end of summer, the news was abuzz over the McDonald’s CEO saying that the fast food consumer was struggling and choosing to either skip a meal or eat at home. The sentiment was echoed by other industry leaders while wealthy media hosts stared quizzically at the CEO who earned $18.1 million in 2024. Why would people skip a meal? Is this a new west coast diet trend? Perhaps you should put cake on the menu. That’s because in seated diner land, things are still cranking. “Thanks for dining, your total comes to $4,000 for the two of you.” No eyelashes batted. 

Headlines

Nothing Noble in This Nobel Prize

María Machado enjoyed the support of American figures like Marco Rubio and Rick Scott. Clue number one. She joins the list of far right figures such as ol’ Hank Kissinger who have conned their way into receiving the world’s most esteemed recognition of peace. Apart from her anti-labor, anti-working class history in Venezuela, Machado has become the chief booster of our new “blow everything to smithereens” policy in open waters and war provocations. Sounds about right for the prize.

From the article:

“Machado is a champion of ‘free market’ policies, above all the privatization of the state oil company PDVSA, whose public ownership has been upheld by a wide spectrum of bourgeois parties since the 1970s. She has endorsed Milei’s economic program of ‘shock therapy’ in which ‘freedom’ means the liberation of corporations to eliminate social spending and exploit the working class without any restrictions or regulations.”

WSWS.org: Nobel Prize for imperialist war and regime change goes to Washington’s Venezuelan puppet María Corina Machado

Damned if They Do/Don’t

A record number of immigrants who are here LEGALLY but awaiting adjudication of their asylum claims have volunteered to leave the country, per Trump’s request. Crickets. This ProPublica article investigates the painful limbo of Venezuelan immigrants who signed up for the “Home” app and haven’t heard a thing. And now they’re facing a situation where they might still be forcibly deported to a country we might potentially invade.

From the article:

“ProPublica spoke with more than a dozen Venezuelans who said they wanted to take the U.S. government’s offer of a safe and easy return. They signed up months ago on the CBP Home app and were given departure dates. But after those dates came and went, these immigrants said they feel betrayed by what the president told them.”

ProPublica: “I Don’t Want to Be Here Anymore”: They Tried to Self-Deport, Then Got Stranded in Trump’s America

Make That Check Out to “BlackRock”

“Progressive” governor Tim Walz’s administration has cleared the way for the nation’s first private equity takeover of a power company. According to this article originally published in The Lever, this is the first of many planned takeovers of the nation’s energy system by none other than BlackRock. I’m sure they’ll do their best to reduce energy prices.

From the article:

“Advocates say Minnesota Power’s acquisition by a global private equity firm is the first deal of its kind, but it likely won’t be the last. In recent months, BlackRock has been gearing up to acquire power infrastructure all around the country, all through its infrastructure investment arm, Global Infrastructure Partners. The firm is seeking to profit from the enormous energy demands of the AI boom, which have spurred data center construction nationwide and in turn led to higher electric bills for regular consumers.”

Jacobin: In Minnesota, BlackRock Is Acquiring Vital Infrastructure

UNFTR’s Latest Article

A Harvard study found that private equity-owned hospitals have 7 additional deaths per 10,000 ER visits compared to non-PE hospitals. These firms slash staffing by 11.6% and cut salaries by up to 18% while extracting hundreds of millions in dividends and fees—leaving hospitals in financial distress. Wall Street is literally killing patients for profit, and PE firms now control nearly 500 hospitals across America.

Read: How Private Equity Is Hollowing Out America’s Hospitals

Resources

Pod Love

Let’s get out of our political brains and into the Halloween spirit by listening to a tale from our very own Unf*cker Bobby McD!

“Robert McDermott lives and works in Dublin. His debut novel, ‘Jone$town’ was published by Riversong Books in 2019 and followed in 2022 by a collection of short stories ‘The Occulting Light’ also with Riversong Books. His stories have been widely published in anthologies both in print and online. When not writing he enjoys listening to podcasts (especially Haunted UK) and walking with his cocker spaniel, Alfie.”

Haunted UK: It Shows Up When It’s Needed by Robert McDermott

Book Love

A must read: pre-order available now.

“Understanding Capitalism explores the different definitions of what capitalism is and is not, and dissolves the many myths that, Wolff argues, are designed to confuse and disorient us. Wolff doesn’t simply identify the crises and harms manufactured by capitalism, he details a path forward by outlining alternative economic models that combat the exploitation and oppression inherent in capitalism.”

Understanding Capitalism by Richard D. Wolff

Unf*cker Comment of the Week

From @arcanondrum65431:

“Pete Buttigieg is the next Republican. It’s why media, including Fox, won’t let you forget his face.”

Progressive Corner

Progressive Organization of the Week: VINE Sanctuary.

“VINE Sanctuary is an LGBTQ-led farmed animal sanctuary that works for social and environmental justice as well as for animal liberation. It offers refuge to nonhuman animals who have escaped or been rescued from the meat, dairy, and egg industries or other injurious circumstances, such as cockfighting, experimentation, petting zoos, or pigeon shoots. In addition to sheltering and advocating for animals, it conducts research and community education aimed at diet change, agriculture reform, and more effective animal advocacy.”

Current membership count: 444. Help us get to 500!

We’re kicking off our Fall Fund, Friend, and Hell Raiser period, and Unf*ckers have already answered the call. Thank you to all those who wished UNFTR a happy 5th birthday and showered us with memberships!

Thank you to our newest members:

• WhoZet
• JohnTsukie
• Daniel
• Mike M.
• Nathan S(irst)
• Guido49
• Swedish John
• Leann
• Professor of CRT for Kids
• Charlie
• OH Smitty
• Fuzzydreamer
• Cathy
• John M.
• Smitty
• Liv
• Ifatimileyin
• Paul L.

Support The Show

UNFTR is supported and funded by Unf*ckers like you.

If you’d like to help the team, please consider doing one of the following:

• Leave us a review. It really helps people find the podcast! 
• Subscribe to the YouTube channel and share the videos when they’re released. 
• Consider becoming a UNFTR member.
• If you drink coffee, drink our coffee! 
• Purchase books from our bookshop.org store.