This article is mostly making a different argument (though it contradicts itself in some places), which is that even if the underlying technology does work, and is ultimately going to create quadrillions of dollars of value and transform society, if it takes more than another 1–2 years for that to happen, then there'll still be a crash, because that's when the data center construction bills come due and the labs (especially OpenAI) don't yet have the money to pay them.
It argues primarily against a hypothetical optimist who believes that everything is fine because the cash flow numbers currently work out, on the grounds that this hypothetical optimist hasn't realized that the labs' recurring expenses are scheduled to spike in 1–2 years when the data centers come online and the labs have to start paying for them. It also spends a lot of words comparing the situation to the 2008 financial crisis, because that's everyone's favorite morality tale.
I am not sure that anyone is actually making this mistake (i.e., trying to predict the future by looking at labs' present cash flows). The better counterargument is what Matt Levine used to call "Netflix Theory": if the large capital investors who own stakes in the labs still believe in their valuations (which they should, if the technology works and the quadrillions are coming, which we're assuming here for the sake of argument), then they will be very highly motivated not to let their investment be seized by the labs' creditors. So the labs will not have too much difficulty raising or borrowing enough money to pay the bills.