I don’t think they need to worry about their finances just yet, this is the most in-depth financial analysis of the AI industry I’ve read so far and it seems the investments are (barely, so far) justified by the returns:

https://intelligence.exponentialview.co/

Another thing to consider is that most of the 3T CapEx spend is from hyperscalers free cash flow, and the debt is a smaller (but fast-growing) fraction. Napkin math suggests if all AI CapEx is written off today, hyperscalers could cover their debts in about 5-6 years using pre-AI levels of free cash flow.

Maybe Nvidia is not sounding the safety drumbeat because it stands directly to lose out if demand from training slows down ;-)