The cynical take is getting more and more to be the only rational one:

The promised mega-data center deals are meant to boost valuations today, not serve tons of customers three years from now.

It seems pretty clearly inline with the dotcom bubble to me. Every company claims to be a leading AI company, those building infrastructure are promising the moon and getting 1/3 of the way there, and no one knows how to monetize it justify the hype or expense.

oof, this bubble popping is gonna be brutal.