The Register: AI Bubble Is Already Popping — Meta FCF Down 89%, Apple Off 10%, IBM's Worst Day Since 1987

The Register's Kettle podcast makes the case that Q2 tech earnings show the AI bubble already deflating: Meta's free cash flow collapsed from $8.5B to under $1B YoY on data center spend, Apple dropped 10%, and IBM had its worst single-day loss since Black Monday 1987. Hosts Matt Rosoff and Tobias Mann argue AWS margin gains leaned on one-time energy hedges, and cite reports of workers laid off 'because of AI' being rehired as adoption falls short of capex.