Here's How the AI Crash Happens; The Atlantic

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28. The key point: Meta, Amazon et al will have no responsibility for the data center bankruptcies

These rent agreements will allow them to walk away, and that $800 billion capital investment is somebody else's problem.

By putting most of the risk into 3rd party real estate bundles, Meta, Amazon et al preserve the big profits for themselves and pass the greatest risks onto suckers. If AI is a screaming success, then the real estate bundles will get some profit from the rents, but no big upside. And if the bubble bursts, the big guys walk away clean and the real estate investors end up with vast data centers they can't put to any other productive use.