Companies usually don't spend that kind of money unless they know there is a return on investment from something.

You're misunderstanding my point. I'm saying that the business and investment community AT LARGE is convinced that AI will be huge, and soon. That is the only reason for the spending.

This is the delusion of crowds. "EVERYONE SAYS" has become certainty. It's massive social proof.

It doesn't make it fact. And nobody really "knows" the actual truth.

I'm claiming that this certainty of AI return WILL collapse upon price discovery. Which means quarters of revenue growth or not. There's now so much money, so much reputation and so many portfolios at stake now that nobody dare question its reality.

These data centers will eventually be repurposed as collateral from all of the failed AI startups. They make the most sense as government surveillance data processors.