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AI’s buildout is racing ahead of demand and infrastructure, a bubble risk framed as oversized bets rather than apocalypse. With software sprinting while data centers take years to rise, visibility is murky. Reuters says an Oracle-linked New Mexico campus secured up to $18 billion in credit; Oracle has $300 billion in cloud services contracted to OpenAI and, with OpenAI and SoftBank, plans $500 billion for Stargate. Meta pledged $600 billion over three years. Yet a McKinsey survey finds most firms using AI lightly. Satya Nadella warns of data center shortages, and some sites sit idle for lack of power.

Prepared by Christopher Adams and reviewed by editorial team.