What happens to neoclouds when the bubble pops. nvidia stops circular financing, and all of a sudden they can’t pay their debt. This leads to the DCs getting bought cheaply by hyperscalers and you have a monopolistic AI market with google/fb/amazon and likes are running the show again.

I feel there's just enough value behind the crazy proposition that there won't really ever be a classic .com bubble pop. That's the thing: there actually is a lot of value in this tech. May some of the current big players crash and burn? Sure. But the tech is undeniably powerful - things will, and are, changing.