Arthur Hayes said the AI bubble is centered on debt raised for data centers, unprofitable large-scale infrastructure companies and AI developers, while arguing that an AI agent economy will still emerge. The BitMEX co-founder and Maelstrom chief investment officer said excessive lending could leave the market with surplus computing capacity, a dynamic he believes supports the business case for Flop Labs, the venture he has said he founded. Flop Labs is the developer of AI agent project Flop Network, which is scheduled for an airdrop in the fourth quarter and the launch of its genesis block in the first quarter of next year. Hayes has previously argued that AI capital spending since ChatGPT's commercialization has diverted liquidity away from crypto markets.