Am I off here? The big players have locked in over $1 trillion in uncommenced, off balance sheet data center leases. Right now, the AI ecosystem brings in roughly $50 billion a year, but to deliver the standard 10% to 12% return needed to justify current S&P 500 valuations, companies need to push that figure past $600 billion. If that 10x revenue surge fails to materialize, all those unyielding liabilities will hit corporate cash flows hard. How the flipping pancakes will the whole corpus of
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