This entire article spends a lot of time hiding the ball and conflating what I'd distinguish as "data centers" vs. "data center capacity". Existing data center capacity is being allocated to AI because that's where the demand is, this is in addition to future data center capacity still in the process of being built. Microsoft and others are playing word games and combining both numbers for PR purposes, which I think Ed knows and is being obtuse about.

It's also annoying how he keeps using the term "bubble" as a sleight-of-hand synonym for, I don't know, "useless and fake". Tulip valuations vastly outgrew their actual value and never made it back up. The Dot Com bubble was just early and investment outpaced real-world adoption. Nobody looks back on dot com and thinks claims like "nearly all commerce and social interaction will move online" are silly because that's exactly what happened. AI investment might be at outsized levels right in this moment, it remains to be seen, but even if it doesn't get any better from here it's already insanely useful. That won't "pop" in any meaningful way that he predicts.

EDIT: To say nothing of the overwrought 2023-era comparisons to cryptocurrency. It was obvious at the start that crypto was a solution in search of a problem, shaded by the fact that most advocates benefited strongly from convincing everyone else how valuable of an idea it was. Anybody has been able to spend 20 minutes with free ChatGPT for years now and immediately start to grasp the real-world applications of tech that genuinely replaces a substrate of knowledge work.