It wouldn't do much more than drive down their stock prices. If you really want to pop the AI bubble, everyone would have to stop spending on AI-related subscriptions. The equity these companies already raised is done, that money has changed hands..the real lever is the debt that is/was used to fund them now. If the interest on that debt can't be paid, and/or the principal returned at maturity, and/or various debt covenants are broken...that's how this really ends. The first step for a company to be able to solve the first two problems, and avoid the last one, is revenue..without it, every below it goes unpaid.