> At what point can we verifiably say we heard a loud pop? Usually, well after the fact. Especially in a case like this, where most of the money is being spent

> At what point can we verifiably say we heard a loud pop? Usually, well after the fact. Especially in a case like this, where most of the money is being spent by the hyperscalers, who are unlikely to outright _collapse_ or anything. There are exceptions, where a bubble popping is accompanied by a massive single-day market crash, but that's not _really_ the norm.