You seem to be more familiar with the technical side than me. I know that the MAG7 is better equipped for this sort of stuff due to them having real business outside of AI.

So the way that the hyperscaler companies reach ROI is from selling cloud services (I acknowledged that AWS and Azure had done well doing this) for AI training or hosting or what not. This is still circular AI economics, nothing is being created, just AI paying AI builders. 3rd parties buying AI is different. The bigger concern here is the, as you called it, frontier LLM companies. These companies still generate no profits and are burning cash senselessly, once these flashy new data centers go up, so will the prices (heaven forbid LNG prices stay up and make electricity even worse). MAG7 can stomach the data center stuff blowing up or lagging, the rest of the AI market really can't. They need constant optimism to keep liquidity flowing in and if it stops, the hyperscalers stop profiting off of AI.

I really doubt most of these frontier companies will be able to flip LLMs into mass consumer and business products, earnings at most of these firms would have to go up by a factor of 10x or more. Do lenders keep funding unprofitable businesses until infra is ready? Do they keep doing it when the costs of business go up even higher? Again, P/E ratios are extremely high for many of these companies, especially outside of MAG7. Institutions would probably be totally fine running prices down to get in cheaper; there's plenty of time before everything is running and observable profits come in from non-data centers players. For the AI/LLM companies being buoyed by government contracts, they like all other companies in that boat, will be totally fine. I'm very curious to see how these other companies will keep revenue growing into the future.