The web of circular financing that is going on leads to higher risk. If some ventures fail, and are unable to supply compute they are obligated to, or are unable to pay for compute they are obligated to buy, this could cause a series of financial problems for other related businesses.

I also think that some businesses may find that it might not (yet) be cost effective to focus AI use on every problem.

The pushback against data centers is getting bigger too. But america at least is usually pretty industry friendly so I'm not too sure how much it'll delay planned projects. I've read the limiting factor is sometimes just finding a source of power that can consistently deliver the electricity needed for the DCs that companies want to build.