A recurring question in late-2025 commentary was whether the massive infrastructure build-out behind modern AI can generate profits quickly enough to justify its scale. It’s a reasonable question—because the most visible part of the AI boom isn’t software. It’s concrete, copper, transformers, land, and long-dated power contracts. The most useful way to think about a … Continue reading The AI build-out is real. The “crash” case is about incentives, not inevitability.