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If you think AI has no bubble or that the US stock market won't crash, I suggest you take a good look at the article below!

Author @edzitron investigated data centers under construction in the US and concluded: AI infrastructure is all ghost stories.

Here is a concise summary of the article:

No one on Earth has ever built a 1GW campus, yet Nvidia has sold 3 million Blackwell chips.
(GW is a unit of power, 1GW = 1 billion watts. In data centers, it measures not ‘compute power’ but ‘how much electricity it can consume’;)

Where are these chips? Sitting in a warehouse gathering dust?

How long does it take to build a data center? How many are actually online?

These two simple questions turn out to be surprisingly difficult to answer.

Why? Because hyperscalers neither disclose quantities nor available capacity.

In the past week, the author tried to locate data centers that started construction in 2023 or 2024 and have already been completed, and found nothing.

Most projects are either stuck in approval quagmires or are ‘partially commissioned’ messes that are publicly claimed to be ‘operational.’

The fact is simple: no one has built a 1GW data center yet.

Stargate Abilene bragged about 1.2GW; two years later, only two buildings have lights on, about 103MW. The third building is finished but empty inside.

Even Amazon’s so‑called 2.2GW project has only 7 out of 30 buildings in use, yet CNBC and Amazon themselves present it as ‘fully operational.’ It’s a bare‑faced scam.

Then there’s Microsoft.

Satya Nadella said they added 4GW in the past two years and another 1GW this quarter. I’d like to believe it, but I can’t find any evidence.

The author used satellite imagery to look at the Fairwater project in Wisconsin.

Microsoft claims 400MW, but at $14 million per MW, the $3.3 billion investment corresponds to only 235MW.

Satellite images show the site is essentially a few concrete slabs. Local newspapers report it’s still in startup testing and not online.

The author toured sites in North Carolina, Ohio, Brazil, and Wales. They are either still excavating or haven’t even started digging. Microsoft’s PR either doesn’t respond or spouts “ahead of schedule.”

This leads to an absurd conclusion:

If Microsoft really built 4GW, it must have secretly completed a dozen giant campuses without any media coverage. That’s impossible.

In the past six months, Microsoft hasn’t brought even 500MW online.

Those so‑called “1GW of new capacity” are either accounting tricks or empty buildings without power.

That brings up Nvidia’s issue.

Jensen Huang said they shipped 6 million Blackwell chips over the past four quarters (actually 3 million units, counting each dual‑chip as two).

The power consumption of 3 million Blackwells is 3.6GW.

If these chips were really running