Agree. CDS on the debt of several players here is getting expensive. Debt markets are getting less promiscuous quite quickly, just when even more money is needed.

It could be that a slowing of data centre build (and hence a slowing in the finance needed) takes the heat out of the situation avoiding a dramatic burst. Even then there will be casualties. If someone knows who and when ... they could do very well. More likely, Microsoft and Google will buy up anything distressed that's worth having.