There's lots of AI capex that is low risk. If it ends up being under utilized companies like Amazon and Google will adjust their capex plans. When they say things like under spending is riskier than overspending, for them, that's plausible.

But the sketchiest part of the bubble is when you directly bolt a no name data center company to Nvidia's cash pile, and you start turning cash into ever-lengthening receivables collection time, that's why people are skeptical of data centers: even if they can't tell a Google data center from a pivoting crypto bros data center, they smell the bullshit.

People also know they are being lied to, Oracle claims their New Mexico data center will run on Bloom fuel cells. I doubt Bloom is ready to scale to data center size without proof of concept in different applications at large if not directly comparable scale.