I don't see this bubble really popping as-in sinking the economy. Some circular investing and enough write offs will happen to avoid the largest recession indicators from informing the general population that there's actually a recession. You also have a government willing to do shady shit for their own benefit at the expense of responsible governing and ethics, and we have already seen the business leaders of the biggest tech companies cozy up to the administration.

My guess is that cloud companies will scoop up the data centers for pennies on the dollar and the GPUs get written off or fire-sold to enthusiasts still wanting to run local models. Then they can offer exceptionally low initial prices to new customers and get more people to be locked in. Or maybe we see a couple of new cloud companies start up but that would likely need lower interest rates.