> decide that it's not coming because everyone is expecting it and pricing it in.

I'm in the same boat. I'm hoping that the crashing is moving slowly enough that it can unwind carefully, and that not enough data centers got started that things can't simply be cancelled without much harm.

A bunch of fake money borrowed on commitments over data centers never built and plowed back into the ouroboros rather than escaping into the larger economy seems like it could be unwound with only a few people going broke. The only wasted real production would be in all of the chips - and they might be able to go somewhere, somehow. The data centers currently built will certainly be well-utilized - the overcapacity hasn't actually, physically been done, right?

If a bunch of circular financing went into doing something that never fully happened, is that a crash or a lifting of a mask over a real economy that has continued its previous slide?

And if capacity ends up fully utilized and prices do go up, won't there be dozens of viable half-done projects, the best of which that could be dusted off and rolled out again?