Arthur Hayes argued that his skepticism about an AI bubble does not conflict with his investments in AI-related crypto projects because, in his view, the excess is concentrated in financing and equity pricing rather than in the underlying technology. The BitMEX co-founder said the bubble is showing up in debt issued to build data centers and in the valuations of unprofitable hyperscale cloud vendors and advanced labs. He framed that distinction with the line, "Price is what you pay, value is what you get," while saying he is "100%" convinced by the agentic economy (AI systems that can act autonomously). Hayes added that surplus computing power created through borrowed funds strengthens the bullish case for Flop Labs, suggesting cheaper or more abundant compute could support AI-crypto applications.