People often think about tech bubbles in apocalyptic terms, but it doesn’t have to be as serious as all that. In economic terms, a bubble is a bet that turned out to be too big, leaving you with more supply than demand.
The upshot: It’s not all or nothing, and even good bets can turn sour if you aren’t careful about how you make them.
What makes the question of the AI bubble so tricky to answer, is mismatched timelines between the breakneck pace of AI software development and the slow crawl of constructing and powering a datacenter.
Because these data centers take years to build, a lot will inevitably change between now and when they come online. The supply chain that powers AI services is so complex and fluid that it’s hard to have any clarity on how much supply we’ll need a few years from now. It isn’t simply a matter of how much people will be using AI in 2028, but how they’ll be using it, and whether we’ll have any breakthroughs in energy, semiconductor design or power transmission in the meantime.
When a bet is this big, there are lots of ways it can go wrong – and AI bets are getting very big indeed.
Last week, Reuters reported that an Oracle-linked data center campus in New Mexico has drawn as much as $18 billion in credit from a consortium of 20 banks. Oracle has already contracted $300 billion in cloud services to Open AI, and the companies have joined with Softbank to build $500 billion in total AI infrastructure as part of the “Stargate” project. Meta, not to be outdone, has pledged to spend $600 billion on infrastructure over the next three years. We’ve been tracking all the major commitments here — and the sheer volume has made it hard to keep up.
At the same time, there is real uncertainty about how fast demand for AI services will grow.
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A McKinsey survey released last week looked at how top firms are employing AI tools. The results were mixed. Almost all the businesses contacted are using AI in some way, yet few are using it on any real scale. AI has allowed companies to cost-cut in specific use cases, but it’s not making a dent on the overall business. In short, most companies are still in “wait and see” mode. If you’re counting on those companies to buy space in your data center, you may be waiting a long time.
But even if AI demand is endless, these projects could run into more straightforward infrastructure problems. Last week, Satya Nadella surprised podcast listeners by saying he was more concerned with running out of data center space than running out of chips. (As he put it, “It’s not a supply issue of chips; it’s the fact that I don’t have warm shells to plug into.”) At the same time, whole data centers are sitting idle because they can’t handle the power demands of the latest generation of chips.
While Nvidia and OpenAI have been moving forward as fast as they possibly can, the electrical grid and built environment are still moving at the same pace they always have. That leaves lots of opportunity for expensive bottlenecks, even if everything else goes right.
We get deeper into the idea in this week’s Equity podcast, which you can listen to below.
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![‘The Ghost in the Shell’ Director, Character Designer on Keeping Motoko True to the Manga
Dan Da Dan anime studio Science SARU’s adaptation of The Ghost in the Shell is finally streaming on Prime Video, and its pilot episode looks like a ’90s anime fever dream in the best way possible. Major Motoko Kusanagi kicks all the ass, its soundtrack is a bop, and its action sequences are a chef’s kiss. Don’t just take our word for it; check out the trailer below and see for yourself how Science SARU cooked once again. [embed]https://www.youtube.com/watch?v=ahZn4dVCbvs[/embed] Ahead of its premiere, io9 got to chat with director Mokochan and character designer Shuhei Handa at Anime Expo about how their vision for Masamune Shirow’s seminal cyberpunk manga came to be, as well as a couple of pointed fandom-centric questions for fans who’ve been dying to see Major Motoko Kusanagi realized in all her goofy glory. Left: Shuhei Handa, right: Mokochan. © Isaiah Colbert/io9 This interview was edited for clarity. Isaiah Colbert, io9: From Keep Your Hands Off Eizouken!, Devilman Crybaby, Inu-Oh, Scott Pilgrim Takes Off, and Dan Da Dan to Sanda and Jaadugar: A Witch in Mongolia, Science SARU has built an impressive portfolio and reputation for making bold, expressive, and experimental anime. What about The Ghost in the Shell made it feel like a natural fit as the studio’s next project?
Mokochan: For all of the works done by Science SARU, using animation to do storytelling is very important. That’s why we use a lot of hand-drawn animation in it. For The Ghost in the Shell, the most important thing is to use the visuals to capture its world. It’s the same policy with other series as well.
TVアニメ「#攻殻機動隊 THE GHOST IN THE SHELL」⋱ご視聴ありがとうございました⋰ ◤◢◤◢◤◢◤◢◤◢◤◢◤◢ 第01話より草薙素子と荒巻大輔の出会い 👩🏻 🐵迫力の原画を大公開! 原画|小島崇史 さん ◤◢◤◢◤◢◤◢◤◢◤◢◤◢https://t.co/wICYD3OlUm pic.twitter.com/6rNlJdXZZk — サイエンスSARU (@sciencesaru) July 7, 2026 io9: From the jump, The Ghost in the Shell marks a stark tonal shift—a return—towards Masamune Shirow’s lighter, more mischievous vision of the cyberpunk epic. What led Science SARU to pivot away from the austere, military tone that Mamoru Oshii’s 1995 film would go on to cement as the franchise’s vibe for decades? Mokochan: We didn’t intentionally try to change the tone from how director Mamoru Oshii did previously because the concept for making this new series is to base it on the original manga, so we already had our own way of making this one.
© Masamune Shirow/Kodansha io9: In an era when people often use AI to cheaply mimic retro anime aesthetics, the new Ghost in the Shell feels like a deliberate rejection of AI’s pervasiveness in the arts—where every frame in the trailers looks unmistakably hand‑crafted. It’s a phenomenon that’s certainly paradoxical, considering that the manga prophesied how such technologies would be utilized in the not-so-far-off year of 2029. What’s Science SARU’s stance on AI, and what specific animation techniques did it use most to capture the show’s aesthetic through the power of collective human artistry? Mokochan: One of the concepts of the original manga is about the mysterious part of the human being. So we wanted to honor how the original creator captured the world and how we express all of the story in the original manga. So we wanted to follow the same concept using the same method to show humanity by using hand-drawn art. We prefer to just use our arms to draw all of the animation. Handa: It’s because the main concept is about the human body, so that’s why we prefer hand-drawn art over AI.
© Science SARU io9: Major Kusanagi has long been read as a bisexual icon in the West, especially because of Shirow’s famous island-escapade chapter with her gal pals, which has been lost in some Western reprints of the original manga. She’s also considerably goofier in the manga, a trait fans lovingly call a “bisexual disaster.” In what ways was it important for Science SARU to depict Kusanagi’s inherent goofball nature and her queerness in this adaptation, and what does portraying that side of her mean for a global audience in 2026? Mokochan: During the process of making the new series, we were actually very surprised by it because, compared to the original manga, a lot of the thoughts about sexuality are very advanced, exploring many possibilities. It’s not just about sexuality; it’s also about the human being, technology, and many other things. [The manga] accepts everything in the world. That was a very big surprise. We didn’t intend to modernize the content to make it fit the new era.
© Science SARU [The Ghost in the Shell producers’ note in regard to Science SARU’s adaptation of Motoko’s vacation scene from the original manga: “We had to adjust the depictions in the original work to match the rating.”] Handa: When we portray Kusanagi’s character, we like to bring out all the comical parts because they’re in the original manga. It’s kind of different how director Oshii portrays her in the previous series because, in those series, Kusanagi was not that expressive. We prefer to keep the authentic parts of the original manga, so we thought we definitely needed to keep the comical parts in the character, so that’s why we included that content. © Science SARU © Science SARU © Science SARU © Science SARU io9: As a fan of the series, I’ve seen Ghost in the Shell go through different iterations, reinterpretations, and reboots. And in that, Motoko’s design has changed in a way that reflects how different people interpret her. But while her outer shell is different, the themes—the ghost in the original story—remain in each adaptation. For Science SARU’s newer adaptation of The Ghost in the Shell, which themes from the original manga feel more prescient now than when it first came out?
Mokochan: Because the original intent of this project is to follow the original manga—not just Kusanagi, but also all the content and the world’s concept—we didn’t try to modernize any part of it. The creative team, all of whom are also big fans of the original manga. So, for the world, the story, the characters, and the theme, it’s all the same because we want to honor the original manga. ウオオオ攻殻機動隊1話にLOと作画監督で参加させていただきました!憧れの攻殻機動隊に関わることができて感激です🔥LOはセンターの子供が撃たれるあたりから脱走するところまで、作監は冒頭からOP前あたりまでです。少佐かっこよくて可愛かった〜!こちら担当LOのうちの1カットです🙏🏻#攻殻機動隊 pic.twitter.com/zUlxgD9fin — 宮かなえ (@miyakanae_) July 7, 2026 The Ghost in the Shell is streaming now on Prime Video. io9 is on the ground at Anime Expo 2026. We’ll be bringing you updates on all the biggest panels, screenings, and announcements, plus exclusive one-on-one interviews with the people behind some of the best and most popular anime around. You can check out all of io9’s Anime Expo coverage here. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ghost #Shell #Director #Character #Designer #Keeping #Motoko #True #MangaAnime,Anime Expo,Science Saru,The Ghost in the Shell ‘The Ghost in the Shell’ Director, Character Designer on Keeping Motoko True to the Manga
Dan Da Dan anime studio Science SARU’s adaptation of The Ghost in the Shell is finally streaming on Prime Video, and its pilot episode looks like a ’90s anime fever dream in the best way possible. Major Motoko Kusanagi kicks all the ass, its soundtrack is a bop, and its action sequences are a chef’s kiss. Don’t just take our word for it; check out the trailer below and see for yourself how Science SARU cooked once again. [embed]https://www.youtube.com/watch?v=ahZn4dVCbvs[/embed] Ahead of its premiere, io9 got to chat with director Mokochan and character designer Shuhei Handa at Anime Expo about how their vision for Masamune Shirow’s seminal cyberpunk manga came to be, as well as a couple of pointed fandom-centric questions for fans who’ve been dying to see Major Motoko Kusanagi realized in all her goofy glory. Left: Shuhei Handa, right: Mokochan. © Isaiah Colbert/io9 This interview was edited for clarity. Isaiah Colbert, io9: From Keep Your Hands Off Eizouken!, Devilman Crybaby, Inu-Oh, Scott Pilgrim Takes Off, and Dan Da Dan to Sanda and Jaadugar: A Witch in Mongolia, Science SARU has built an impressive portfolio and reputation for making bold, expressive, and experimental anime. What about The Ghost in the Shell made it feel like a natural fit as the studio’s next project?
Mokochan: For all of the works done by Science SARU, using animation to do storytelling is very important. That’s why we use a lot of hand-drawn animation in it. For The Ghost in the Shell, the most important thing is to use the visuals to capture its world. It’s the same policy with other series as well.
TVアニメ「#攻殻機動隊 THE GHOST IN THE SHELL」⋱ご視聴ありがとうございました⋰ ◤◢◤◢◤◢◤◢◤◢◤◢◤◢ 第01話より草薙素子と荒巻大輔の出会い 👩🏻 🐵迫力の原画を大公開! 原画|小島崇史 さん ◤◢◤◢◤◢◤◢◤◢◤◢◤◢https://t.co/wICYD3OlUm pic.twitter.com/6rNlJdXZZk — サイエンスSARU (@sciencesaru) July 7, 2026 io9: From the jump, The Ghost in the Shell marks a stark tonal shift—a return—towards Masamune Shirow’s lighter, more mischievous vision of the cyberpunk epic. What led Science SARU to pivot away from the austere, military tone that Mamoru Oshii’s 1995 film would go on to cement as the franchise’s vibe for decades? Mokochan: We didn’t intentionally try to change the tone from how director Mamoru Oshii did previously because the concept for making this new series is to base it on the original manga, so we already had our own way of making this one.
© Masamune Shirow/Kodansha io9: In an era when people often use AI to cheaply mimic retro anime aesthetics, the new Ghost in the Shell feels like a deliberate rejection of AI’s pervasiveness in the arts—where every frame in the trailers looks unmistakably hand‑crafted. It’s a phenomenon that’s certainly paradoxical, considering that the manga prophesied how such technologies would be utilized in the not-so-far-off year of 2029. What’s Science SARU’s stance on AI, and what specific animation techniques did it use most to capture the show’s aesthetic through the power of collective human artistry? Mokochan: One of the concepts of the original manga is about the mysterious part of the human being. So we wanted to honor how the original creator captured the world and how we express all of the story in the original manga. So we wanted to follow the same concept using the same method to show humanity by using hand-drawn art. We prefer to just use our arms to draw all of the animation. Handa: It’s because the main concept is about the human body, so that’s why we prefer hand-drawn art over AI.
© Science SARU io9: Major Kusanagi has long been read as a bisexual icon in the West, especially because of Shirow’s famous island-escapade chapter with her gal pals, which has been lost in some Western reprints of the original manga. She’s also considerably goofier in the manga, a trait fans lovingly call a “bisexual disaster.” In what ways was it important for Science SARU to depict Kusanagi’s inherent goofball nature and her queerness in this adaptation, and what does portraying that side of her mean for a global audience in 2026? Mokochan: During the process of making the new series, we were actually very surprised by it because, compared to the original manga, a lot of the thoughts about sexuality are very advanced, exploring many possibilities. It’s not just about sexuality; it’s also about the human being, technology, and many other things. [The manga] accepts everything in the world. That was a very big surprise. We didn’t intend to modernize the content to make it fit the new era.
© Science SARU [The Ghost in the Shell producers’ note in regard to Science SARU’s adaptation of Motoko’s vacation scene from the original manga: “We had to adjust the depictions in the original work to match the rating.”] Handa: When we portray Kusanagi’s character, we like to bring out all the comical parts because they’re in the original manga. It’s kind of different how director Oshii portrays her in the previous series because, in those series, Kusanagi was not that expressive. We prefer to keep the authentic parts of the original manga, so we thought we definitely needed to keep the comical parts in the character, so that’s why we included that content. © Science SARU © Science SARU © Science SARU © Science SARU io9: As a fan of the series, I’ve seen Ghost in the Shell go through different iterations, reinterpretations, and reboots. And in that, Motoko’s design has changed in a way that reflects how different people interpret her. But while her outer shell is different, the themes—the ghost in the original story—remain in each adaptation. For Science SARU’s newer adaptation of The Ghost in the Shell, which themes from the original manga feel more prescient now than when it first came out?
Mokochan: Because the original intent of this project is to follow the original manga—not just Kusanagi, but also all the content and the world’s concept—we didn’t try to modernize any part of it. The creative team, all of whom are also big fans of the original manga. So, for the world, the story, the characters, and the theme, it’s all the same because we want to honor the original manga. ウオオオ攻殻機動隊1話にLOと作画監督で参加させていただきました!憧れの攻殻機動隊に関わることができて感激です🔥LOはセンターの子供が撃たれるあたりから脱走するところまで、作監は冒頭からOP前あたりまでです。少佐かっこよくて可愛かった〜!こちら担当LOのうちの1カットです🙏🏻#攻殻機動隊 pic.twitter.com/zUlxgD9fin — 宮かなえ (@miyakanae_) July 7, 2026 The Ghost in the Shell is streaming now on Prime Video. io9 is on the ground at Anime Expo 2026. We’ll be bringing you updates on all the biggest panels, screenings, and announcements, plus exclusive one-on-one interviews with the people behind some of the best and most popular anime around. You can check out all of io9’s Anime Expo coverage here. Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Ghost #Shell #Director #Character #Designer #Keeping #Motoko #True #MangaAnime,Anime Expo,Science Saru,The Ghost in the Shell](https://gizmodo.com/app/uploads/2026/07/The-Ghost-in-the-Shell-Mokachan-Shuhei-Handa.jpg)







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