President Trump announced the $500bn Stargate project to build AI data centres in the US, backed by OpenAI, SoftBank, Oracle, and Abu Dhabi’s MGX, promising a $100bn immediate investment. However, actual funding commitments are only around $50bn, with only $7.5bn executed so far, raising concerns about the project’s feasibility and financing structure. As the data centre industry grows, parallels are drawn to the dotcom era’s fibre optic boom, questioning whether current investments will yield transformative technological advances or lead to overcapacity issues.
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