Nowhere in any of the scenarios they let you model, do they consider the cost of computation for inference, nor training of new models. It may be that after the subsidies can no longer be offered, most AI use becomes cost prohibitive.

This would lead to a much, much smaller "total addressable market", rendering the massive AI build out into a rapidly depreciating asset that can't even be operated without a loss.

Even if the hardware was effectively free following a market crash, and bankruptcy sale, the power required to run it might be more expensive than the compute it generates is worth.

At which point, unlike dark fiber after the .com crash, all the hardware becomes scrap metal.

Now factor in the macro picture, in which this AI bubble is holding up the stock market, and by proxy, the US economy. I think we're in for Global Depression II, worse than 1929.