Martin Shkreli warned that AI investors may be making a dangerous assumption by treating today’s record earnings as though they will continue indefinitely. During a livestream recorded on Thursday, he said, "There’s a big AI buildout right now, but it’s not clear that that peak can be sustained." He noted that semiconductor and data-center companies can look unusually cheap at the top of a cycle because current earnings reflect enormous demand for new capacity, but new factories and equipment increase supply while depreciation expenses begin eating into profits. Shkreli advised valuing those companies using total earnings generated over the cycle rather than extending peak profits into perpetuity, saying, "It’s very unlikely" that earnings surge, plateau and then resume growing without a reset. He remained bullish on Meta (NASDAQ:META), calling the stock’s roughly 9% fall Thursday a buying opportunity: "I actually think it’s worth buying down here." Meta generated $31.86 billion in operating cash flow during the second quarter but spent $31.08 billion on capital expenditure, leaving free cash flow of $784 million, which collapsed 91% from a year earlier. Microsoft Corp. (NASDAQ:MSFT) offered the opposite example, with its stock surging after Azure revenue grew 43%. Polymarket traders assign a roughly 19% chance that the AI bubble bursts by the end of 2026.