What is the first sign of the AI wave cracking? “The first sign comes with some major debt default. Equity is never the reason why these things crack, because equity, you write it down, you just take the loss. Debt, on the other hand, people have this expectation they are going to get paid back. Most of the cycles I know break because people lever themselves. When you have 4X leverage, it does not matter if you are right. You have to also get the timing correct.” @venkyganesan What will be…