Market Outlook and Risk Assessment - The AI investment bubble is projected to reach a critical inflection point around 2028 [1][2] - Current capital expenditure cycles are driven by debt originated between 2024 and 2026 [1] - A significant financial mismatch exists where GPUs with a 2-year useful life are being amortized over a 6-year depreciation schedule [1] Competitive and Economic Challenges - Future revenue sustainability remains uncertain as the relevance of current H100 and Blackwell chips will be re-evaluated by 2028 [3] - Western data center economics face potential disruption from competitive alternatives, such as Chinese models running on Huawei chips [3] - Emerging low-cost alternatives may be priced at 1/10th of the cost of current Western hardware, threatening the return on investment for existing data center infrastructure [3]