That is a weird take and after that I sort of just skimmed the rest. Yes building the datacenter is a huge expense, but you need to replace the hardware to stay competitive, and it doesn't last forever. Previously companies ran three year cycles, now five seems to be the standard. If hardware prices come back down, then.... maybe, if not those refresh cycles are going to put some datacenters out of business.

Another issue is that while e.g. Anthropic and OpenAI seems to be interested in building their own datacenters, they are mostly just renting capacity. If they can shop around, then they can get the price down, but there's a base price, due to power, hardware and staff.

The author also suggest that there's still capital to raise... no there's not. Anthropic is going for an IPO, that means institutional investors, not venture capital or borrowing and Anthropic, CoreWeave and Oracle are rated as junk. That doesn't mean that they can't raise capital exactly, but it will be very expensive and the interest payments needs to be factored into the price of the products.