I don’t think all of the data centers will ever be built. In that respect I see this bubble like the railroad building bubble of the 1800’s. A lot of data centers are going to end up in bankruptcy and sold for losses to a second round of investors.

I expect Open AI or Anthropic to make it through. XAI will go back to being a side hustle for SpaceX. And some open weight model will run on your own hardware or AWS. Copilot will remain a piece of trash and Gemini will be an untrusted 4th option.