Direct DC/AI capex lower bound ~2.5% gdp already comparable to dotcom / dark fiber. Include down stream supply chain / infra and its ~5% - railway territory. Ei

Direct DC/AI capex lower bound ~2.5% gdp already comparable to dotcom / dark fiber. Include down stream supply chain / infra and its ~5% - railway territory. Either way relative magnitude of AI financial footprint is systemic risk is within historic bubble territory. Also important to understand AI basically only major growth driver, other sectors underperforming, there's nothing to cushion, and fallout maybe much larger than you seem to think. Strip away IT 90s baseline economy was still growing 3%, strip out AI, 2026 baseline growth ~1%, negative once you factor in money printing and historic ~3% (and growing) burnt in debt servicing. Stack on hardware depreciation, and I wouldn't say contagion magnitude will be slow/small.