The Globe and Mail reports in its Saturday edition that last week the AI bubble may have sprung its first leak. Guest columnist John Rapley writes that it happened when Oracle, one of the companies in the vanguard of the artificial-intelligence revolution, reported its earnings. The company had been one of the darlings of the boom. Investors started growing antsy in the autumn when Oracle tied up a big expansion deal with OpenAI, the creator of ChatGPT. They did not like that it relied on heavy borrowing. Things got worse last week when Oracle's earnings, though hardly awful, disappointed. The kind of revenues the AI boom was meant to deliver were not yet turning up in the company's bottom line. Give us more time, the company was effectively saying. Meanwhile, the Chinese have focused on efficiency, producing models such as DeepSeek, which uses a fraction of the energy of American models. At the heart of it all lies an even deeper concern that could ultimately threaten the entire narrative of American AI. Tech oligarchs have profited off convincing investors to pony up trillions of dollars. It is clear investors have limits. The tech titans will have to soon deliver another breakthrough or their own plug may get pulled.