> These expenses are one-off purchases, not regular operating expenses. Once all the data centres are built, AI spending is going to plummet.

What is the most expensive thing in an AI datacenter? The GPU! And what it's its lifespan? 3 - 5 years!

Bubble or not, there is no way AI spending is going to plummet. It will decrease, obviously, but thinking that after 5 trillions of investment everything is profit is so naive.