The Subprime Data Center Crisis
A lot of the AI story is being told as a technology race. But underneath it, there's a financing story, and that story matters because booms usually break where the money got weird.
Why the CDO comparison exists
Off-balance-sheet debt and what it hides
Overbuild versus actual demand
Customer concentration and contract cliffs
NVIDIA's backstop and circular demand
Who ultimately holds the risk
Why so much money flowed in
How bad could it get
Source:
Ed Zitron's Where's Your Ed At — The Subprime Data Center Crisis
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The skinny
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