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BitMEX co-founder Arthur Hayes said on Luke Martin’s “Convergence” podcast on Oct. 16 that AI model companies such as OpenAI and Anthropic lack profitability and are deploying capital poorly, reiterating his view that a bigger AI bubble could lead to larger future bailouts and lift Bitcoin’s price. Hayes argued the companies are raising funds through debt and equity issuance without generating profits, while continuing to waste capital with implicit backing from the U.S. government. He added that if stress in the AI industry deepens and the government steps in with a rescue, Bitcoin could benefit in that process.