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In the 1990s, massive spending on the dot-com build-out starved other sectors for capital. Now, the focus on AI and data centers might similarly impact other industries, raising the cost of capital and making it difficult for non-AI ventures to secure funding.

There's a narrative that we're going to have a manufacturing boom in America, but if half of GDP growth is going to data centers, it raises the cost of capital for the rest of the economy, making it harder to build factories and startups.

Data centers and the financing of AI infrastructure could lead to economic disruptions if financing outpaces revenue, similar to past telecom and railroad booms.

Investing in data centers is crucial as AI's appetite for computing power is limitless, requiring massive infrastructure including real estate, power, and rare metals.

Half of all GDP growth in the US this year is attributed to AI, which is insane compared to just a year or two ago. It's an economic transformation story.