The most likely outcome is neither a repeat of 2000 nor a smooth, uninterrupted ascent. The AI boom is probably not a bubble in the same way the Dot-Com Bubble was, because the financial foundations are stronger. But it is almost certainly an overvaluation in certain segments.

If it feels like you are suddenly hearing about data centers everywhere, that is not a coincidence. A handful of trends are stacking on top of each other, and together they are driving one of the fastest infrastructure buildouts in modern history.