Everyone was racing — the developers against other speculators, O'Leary against rival projects chasing the same few tenants, Utah against other states, the United States against China — right up until they slammed into the residents of Box Elder County they had neglected to tell.
The thing that's really interesting about the AI moment is that, unlike prior technology cycles, the hyperscalers themselves are the ones funding the build-out. So you don't have the same risk of a capital cycle bust that you had in, say, the fiber buildout of the late '90s, where it was funded by debt and then the whole thing collapsed.
4mo ago
Underscored — save the words that stop you in your tracks.
