> These are not railroads—we aren’t building century-long infrastructure. AI datacenters are short-lived, asset-intensive facilities riding declining-cost technology curves, requiring frequent hardware replacement to preserve margins.

Neglects the most important benefit of large semiconductor spending: we are riding the Learning Curve up Moore's Law. We are not much better at building railroads today than we were in 1950. We are way better at building computers today. The GPUs may depreciate but the knowledge of how to build, connect, and use them does not - that knowledge compounds over time. Where else do you see decades of exponential efficiency improvements?

"We are not much better at building railroads today than we were in 1950." - in the US - maybe. In other countries - I doubt that's the case