There's an aspect I believe is occurring in the AI data center space that isn't spoken to in the article: Landgrabbing
So many data centers are being stood up now, not because the immediate need for compute exists, but the recognition that there are bad faith players in the data center market space. Regulations largely don't exist to prevent a new DC from being stood up or operated and there are few, if any limits on the power and water consumption these consume. That will change when the infrastructure fixed costs for water and power show up, as well as the regular rise in costs per unit of each on the variable consumption side. If these companies can get their DC approved and built before the regulations exist, or before communities block future buildout, it will be a massive asset for data center operators to prevent new competitors from entering the space.
Further, when the bubble bursts, I think we're going to be in better shape than most bubbles. What is being built is compute infrastructure. Yes, today its being setup for AI use, but there is very little that is AI specific. Meaning, when the bubble bursts, we'll have all this compute (then very cheap to use) as a springboard for the next industry.