I think a lot of the concern is OpenAI and others have provided LLMs cheap or free which has led to a large take up and a lot of demand for data center capacity

I think a lot of the concern is OpenAI and others have provided LLMs cheap or free which has led to a large take up and a lot of demand for data center capacity. But at some point they'll have to charge something related to their costs which would reduce demand a fair bit leading to overcapacity. I'm guessing it'll go something like the fiber build out in the dot com boom. Huge build out up to 2000 using investor money with losses on the business, 2000-2005 companies go bust, restructured, 2005 on something like equilibrium between cost and income.