“…A whole year back, back all the way to December, the big five hyperscalers were spending $405 billion a year and I thought that number was already insane. I said it was accelerating. I said No1 knows what anything costs anymore. That these estimates kept getting revised upward so fast that by the time you finished reading the sentence, someone would have revised it again.
(…)
Three months ago I wrote that someone was going to pay for this. That either it would be shareholders or the rest of us. I laid out the circular financing, the Enron comparisons, the 19-year leases for 1-year-obsolete hardware, the 95% failure rate, the grid that can’t cope, the CEOs who admit it’s a bubble while pouring money into it.
Every single number got worse since then.
I called my last article “The trillion-dollar oops”.
I don’t think “trillion” cuts it anymore. We’ve left a trillion behind. We’re in territory where the numbers are so large they’ve stopped being numbers and started being theology.
You don’t analyse them anymore. You believe in them, or you don’t…”