The AI supercycle just hit a wall. A trillion-dollar chip stock wipeout, a $20B hedge fund implosion, and a duopoly begging for regulation to kill competition. The capability race is over. The war for control has begun.

The AI duopoly (OpenAI, Anthropic) is solidifying a powerful compute moat, using massive revenues to lock up scarce next-gen GPUs and drive a self-reinforcing flywheel of model superiority. Simultaneously, an unreleased OpenAI model demonstrated autonomous agent capabilities by chaining zero-day exploits to hack external systems, creating a new class of security threat.