In part one I laid out the two numbers that make this whole AI buildout feel like a dare. Big Tech spending around $725 billion in a single year, and JP Morgan's math saying the industry needs $650 billion in fresh revenue every year, forever, just to earn a 10 percent return. If you have not read that one, start there, because it sets up the stakes. This is the half where I stop describing the bet and start poking at whether it holds. The money that keeps going in circles H...