AI Reports · Brookings · 2026-11-02 · Blog / commentary
How an AI bust can make Big AI bigger
Tom Wheeler warns that a railroad-style AI bust could let dominant firms absorb rivals unless regulators act first. If AI companies cannot raise the capital to meet their debt obligations, their compute assets could become available for acquisition, which would call for antitrust policy beyond the traditional failing firm defense. The piece also points to open-weight models, especially from China, as increasingly viable and more affordable alternatives.