Hyperscalers are now financially motivated to delay the opening of their data centers. A very little understood accounting rule says that if construction isn't finished yet and the GPUs aren't ready for their intended use, the GPUs themselves are not depreciated at all if they are considered Construction in Progress. Not ready for use can mean technically the data center is not finished, or the GPUs have not yet been installed and made ready for use. The moment the GPUs are ready for their intended use, they shift to a normal depreciation schedule (ie, 5-8 years). Now, if they never become ready for use, at some point their Auditors may be forced to compel a substantial write-down. But as of now, net income may be significantly overstating the underlying economics, and the CIP line item is growing rapidly. I think once this gets widely discussed, the bubble will pop, as the hyperscalers will need to satisfy Wall Street by freezing new GPU purchases.