> I don't see a likely scenario where the entire sector collapses. There is no apparent cascade failure mechanism. Of course, these mechanisms aren't always immediately clear prior to crashes.

I can see a scenario where companies like openAI and Anthropic do go belly up but the technology and IP and physical assets remain, get balkanized or snapped up by various other parties. Let's say for instance that they do finish the physical construction of the "Stargate" datacenters in Texas, and they get filled with the equivalent of a whole shitton of B300 RAM/GPU systems and are up and operational. Those don't disappear.

In some kind of catastrophic failure scenario it could end up as a debtor in possession arrangement, or chapter 7 sale to new set of people who want to make use of it. Not unlike what happened to a number of much smaller scale datacenters that were built with 1996-2000 dotcom 1.0 boom money that changed ownership around the 2001-2002 time frame.

Even if OpenAI or Anthropic or both fail, they're not even listed yet. It barely makes a dent on the stock market. Their infrastructure and IP is purchased by Microsoft/Google/Meta, and those companies valuations adjust accordingly.