Arthur Hayes Warns AI Overbuilding and Crash Could Lift Bitcoin

### Tape / Session Read BitMEX co-founder and Maelstrom CIO Arthur Hayes warned during an appearance at the Gamma Prime Investing Conference in Singapore that excessive capital expenditure in artificial intelligence data centers could result in an eventual industry downturn and subsequent government rescue. Pointing to projections that AI capital spending could approach $1 trillion next year, Hayes noted parallels to historical technology buildups characterized by overcapacity and eventual fiscal intervention.

### Macro & Liquidity Context According to Hayes, pressure on AI infrastructure providers could materialize between late 2027 and 2028 as newly deployed computing capacity comes online and firms seek returns on heavy outlays. He suggested that subsequent liquidity injections or credit-market support from global central banks and policymakers could create an environment where cryptocurrencies, led by Bitcoin, absorb excess capital. Panmure Liberum analysts similarly cautioned that hyperscaler overbuilding risks generating broad equity headwinds, potentially pulling the S&P 500 toward 5,000 by late 2027.

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