>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.

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.