Bubbles don't pop without indiscriminate euphoria (Private markets are a different story, but VCs are fked anyways). If anything, the prices have reflected less than 20% of Capex projections, so the market clearly thinks OpenAI / Stargate / FAANG's capex plans are BS.
p.s. if everyone thinks it's a bubble, it generally rallies even more..
I'd say if anything the market is massively underestimating the scale of their capex plans. These things are using as much electricity as small cities. They are well past breaking ground, the buildings are going up as we speak.
https://www.datacenterdynamics.com/en/news/openai-and-oracle...
https://x.com/sama/status/1947640330318156074/photo/1
There are dozens of these planned.
A lot of people lost a lot of money. Post bankruptcy, it also fueled the later tech booms, as now there was a ton of dark fiber waiting to be used at rock bottom prices, and underutilized datacenters and hardware. Google was a major beneficiary.
the market hasn't priced in Sam Altman's Capex projections, so it's probably akin to 1998 or 1999