The real question would be the debt on the GPUs. If a hyper scalar puts 100B from profits into data centers, and borrows 400B against the datacenters (or their suppliers do!). Then the buildout could be quite problematic.

If it’s just profits getting invested + some VC exuberance… I don’t actually know if it matters. If zuck simply shut off the money spigot and never spoke on ai again… would anything actually happen?