Half of the cost of the datacenter is the building, power, and cooling infra, and half is the silicon. Datacenter investments will depreciate faster than fiber, but the value won't disappear.

Holding value is contingent on whether a company can manipulate the regulators to create a lasting monopoly or expand the market dramatically. My suspicion is that at some point the investors will gravitate towards the latter by turning LLMs into more active participants in the economy