Why are all data centers treated the same?

=== SUMMARY === - The author argues that AI-focused data centers (GPU-based inference/training) are being lumped in with traditional cloud computing, but they are fundamentally different businesses. - Thesis: If the AI bubble bursts and enterprises stop paying for AI tokens, AI-only data center infrastructure could collapse, while proven cloud services would survive. - Quality assessment: Conceptual speculation rather than well-researched DD; no financial data, valuation analysis, or specific tickers are presented. === SENTIMENT === MIXED === TRADE IDEAS === No actionable trade ideas in this post.