Data centers are cap ex

Except the power and cooling demands of the current crop of GPU's means you are not fitting full density in a rack. There is a real material increase in fiber use because of your now more distributed equipment. (because 800gbps interconnects are NOT cheap).

You can't capitalize power costs: this is now a non-trivial cost to account for. And the more power you use for compute the more power you have to use for cooling... (Power density is now so high that cooling with something other than air is looking not just attractive but like it is going to be a requirement.)

Meanwhile the cost of lending right now is high compared to recent decades...

The accounting side of things isnt as pretty as one would like it to be.

That is a much more grounded reply than my comment deserved. Thanks!