AI infrastructure depreciates way faster than people realise, and enterprise adoption is softening

There are two things I've been looking into that don't get enough attention in the AI bull case, and I think they matter a lot for anyone holding NVIDIA, Microsoft, or anything riding on AI CapEx continuing forever. People compare AI buildout to railroads or the 90s telecom boom. I get the analogy. Those were also periods of massive overinvestment, and the narrative is that even though the bubble popped, the infrastructure ended up being useful for decades. Fibre cables from 1999 still carry tra