It’s not just the hyperscalers, it’s also the boom in personal projects being launched. AI has massively decreased the bar to entry, and a lot more people need servers compared to before
The vast majority of personal projects are not built by those receiving FAANG salaries.
Unlike previous boom/bust cycles, I do not believe that demand that's driving the capacity bring-up that's underway right now is going to level off in the near future.
I am personally witnessing teams at my employer that were previously unable to produce software - non-Eng teams - that are now empowered to do so, and some of them are building some cool stuff. I think this is happening at every company everywhere, and I think when we and everyone else solve the "how do we deliver and govern this stuff?" problem there's going to be an even bigger unlock.
Wild times.