Facebook is already renting out their excess GPU capacity. Nvidia is giving out GPU capacity for investment stakes in startups. OpenAI is trying to get the government to take a 5% stake and needs to make the same amount of revenue within 3 years as Google does now or else they're going to default on their payments to Oracle. It may not be the same as the 'dark fiber' from the Dot-com bubble but it sure seems similar. Especially when this hardware is purchased ahead of delivery and ages so quickly it's not even clear it will be reusable after a few years. It's the scale of the investment in this stuff that is the issue. In 3 years, AI spending is off the charts compared to the railway bubble, Dot-com bubble, Roaring 20s, or really any other bubble. I don't think it's going to end well.