> Regardless of which specific companies survive, this infrastructure being built now will create the foundation for our AI future - from inference capacity to the power generation needed to support it.

Does that comparison with the fiber infra from the dotcom era really hold up? Even when those companies went broke, the fiber was still perfectly fine a decade later. In contrast, all those datacenters will be useless when the technology has advanced by just a few years.

Nobody is going to be interested in those machines 10 years from now, no matter if the bubble bursts or not. Data centers are like fresh produce. They are only good for a short period of time and useless soon after. They are being constantly replaced.

> from inference capacity to the power generation needed to support it.

Power gen = yes. Reasoning is trivial due to long useful asset life.

For compute, why would it be any different than fiber in the AI bubble pop case? Less useful, but not useless. Are you misremembering the fiber overbuild era? The fiber investments were impaired and sold off for pennies on the dollar. The value here wouldn't go to zero, either.