So, what happens when it stops in this particular instance?

The article is about hyperscalers which are massively profitable irrespectively of AI. If the lending stops and this leads to paused or cancelled infra projects, but these companies are still able to service their existing debts, how does this inevitably lead to a collapse?

Hoping for a more nuanced analysis than “la la la we all know this time isn’t different”. Every time is different, and it’s instructive to know how different each time is.