Datacenter build-outs are being financed by mega caps with fortress balance sheets and free cash flows that are coming in well above expectations. They are stil

Datacenter build-outs are being financed by mega caps with fortress balance sheets and free cash flows that are coming in well above expectations. They are still able to do things like route hundreds of billions in buybacks. And regardless of being great investments or not, all of those companies have a burning desire for accelerated depreciation to lower their effective tax rate, which data center spend offers. The more bubbly names will likely come down to earth eventually, but the growth stock sell-off we say in '22 due to the termination of the zero interest rate environment will probably dwarf it in scale. That was a true DotCom 2.0 bubble, with vaporware EV companies with nothing more than a render worth 10 billion, fake meat worth 10 billion, web chat worth 100 billion, 10 billion dollar treadmill companies... Space tourism, LIDAR... So many of those names have literally gone down 90 to 99%. It's odd to me that we don't look at that as what it was - a true dotcom bubble 2.0. The AI related stuff looks tame in comparison to what we saw just a few years ago.