AI bubble’s first major leak: Why the $10T data center boom is starting to crack
Over $10 trillion in projected AI infrastructure spending from 2025 to 2032 is showing serious fractures, with at least 47 large data center projects delayed, withdrawn or blocked in 2026 alone.
Rising interest rates, souring bond markets, local opposition and construction delays have triggered a sell-off, sending CoreWeave’s stock down nearly 25% and pushing some of its bonds into distressed territory.
Analysts estimate only about 35% of planned U.S. data center pipeline is credible, while over 1,000 communities have introduced moratoriums or restrictions on AI infrastructure this year.
CoreWeave, SB Energy, TeraWulf, Cipher and Nscale face significant financial strains including renegotiated leases, delayed deliveries, cost overruns and doubts about their ability to finance massive Nvidia hardware and data center commitments.
The industry’s shift from expansion to efficiency signals a more sustainable but competitive landscape. However, over-investment in AI infrastructure concentrates power among oligarchs and Big Tech while risking a broader reckoning as speculative fever meets reality.
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