I get your point and I agree that AI companies can’t build fast enough.
Amuse me, I am poking holes on your thesis to cover different ground. Let just say the world economy collapsed tomorrow and remains badly affected for the next 3-5 years. Big corporations failed with massive retrenchment. Companies like Alphabet and Microsoft tried to charge companies for their employees AI tokens. The CFOs and financial controllers start limiting AI tokens used to key users only.
While no new AI build continues due the lacking in finance, semiconductors and memory manufacturers still need to do what they do to survive the downturn. There would be excess capacity with little demand. It would reset the AI landscape in 5 years time, no?
Ignore me… just my thoughts process of what could happen instead… it may not always be what the world thinks would happen… semiconductor industry is well known cyclic so I won’t be surprised if a reset comes to pass.