Former BitMEX CEO Arthur Hayes is betting that the artificial intelligence boom will eventually produce a familiar outcome: too much investment, a crash and, ultimately, a bailout that sends crypto higher. Hayes, co-founder and chief investment officer of crypto investment firm Maelstrom, said in response to questions from CNBC at the Gamma Prime Investing Conference in Singapore that humanity is "wasting multi-trillion dollars" on building AI data centers. The massive data center buildout would ultimately make computing power "extremely cheap and extremely plentiful," Hayes said.
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