Whatever this is (bubble/real investment) won’t crash right away. The reason is spelled out in the article: the data center buildout is still being financed by

Whatever this is (bubble/real investment) won’t crash right away. The reason is spelled out in the article: the data center buildout is still being financed by cash flow from operations. The buildout will start to cause problems when it will be a lot of it, mostly financed with debt and the debt close to maturity. (BTW-there is one other item in the article that counters the collapse narrative: Meta being able to 100% control the AI buildout with only 20% payment - the other 80% is financed by a partner. If anything this type of deals gives big Tech even more run-way to get a business model working. The end is not near.)