Three stories this week suggest the AI industry's financial narrative just hit its first real friction — not from regulators or competitors, but from the people doing the maths. SoftBank's lenders won't back OpenAI's private valuation at full price. Anthropic trades at $1 trillion on secondary markets where almost nobody is selling. And enterprises are burning 95 cents of every AI infrastructure dollar at 5% GPU utilisation. The trillion-dollar era has arrived, but the numbers are starting to argue with each other.