Correct hyperscalars are doing fine - as it stands.

The problem is OAI/Anthropic - but if OAI and Anthropic fail the whole thing comes apart. Goog, Meta etc will be fine as they had tremendous cash flow generating operations prior to datacenter offerings w.r.t LLMs.

If OpenAI and Anthropic somehow become insolvent to the point that they are unable to continue running inference on their existing trained models, their tens of billions of dollars of monthly revenue will need to go somewhere.