This is the most interesting perspective I've heard on this topic, which otherwise always converges on the same political dismissals or heat dissipation arguments (the latter are fascinating, but going in circles by now).

Sounds very probable: gives a plausible reasons for sending a lot of infra up, absolutely doesn't have to be profitable or even effective, puts the focus on AI instead of the MIC, and is in line with the kind of contracts Big Tech runs after.

To me this model explains a lot of why so many big companies seem to be investing into what every expert I've heard says goes against basic physics. The only thing missing for it to be more than an interesting idea is why China and the EU are not fighting this.