But there are major differences between the hype cycles. For one, during the dotcom era, much of the infrastructure built—such as fiber-optic cables—remained underutilized for years. Today, there is high demand for AI’s critical infrastructure, data centers, with vacancy rates of just 1.4%, according to commercial real estate firm CBRE. But the build-out continues, with a highly concentrated set of tech firms investing a whopping $700 billion in AI infrastructure.
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