AI cloud computing companies face ‘guppy-level death’, Elon Musk warns, as funding dries up – business live

Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The flow of funding which has helped the AI industry to grow rapidly could be running dry, at least for some firms in the cloud computing world, Elon Musk has warned.As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue.9am: IFO German business climate11am: CBI distributive trends survey of UK retail Continue reading...