I think the risk is a little different. It's not that data centers are being built and then unused -- the fact that OpenAI, Anthropic and pretty much everyone h

I think the risk is a little different. It's not that data centers are being built and then unused -- the fact that OpenAI, Anthropic and pretty much everyone has to put a lot of effort into getting enough compute tells you the demand is there for inference. And it's useful, increasingly so outside of coding. The risk is in the financial world. The worlds central banks printed money because they thought inflation was tamed, but it wasn't, we just don't measure stratospheric stock and bond valuations as "inflation". I mean, euro-zone bond yields went negative -- but no, that's not inflation-like price mania at all! A big correction in financial markets towards some semblance of reality could amount to a psychological shock on consumers, a big negative wealth effect. And a hit at the ballot box, hence no major political parties calling for raising rates (or sound money). They rather juice the markets for as much of their careers as possible.