But after looking through the latest developments in data-centre construction, power infrastructure and AI demand, I think the picture is more balanced than the headlines suggest. Today’s leading hyperscalers, by contrast, continue to generate substantial earnings while reinvesting those profits into expanding AI infrastructure. Where I Think We Are in the CycleAdvertisementWhen I step back and look at the evidence, I don’t think we’re at the point where the AI infrastructure boom has clearly gone too far. Profitability, AI adoption, electricity availability, financing structures and infrastructure spending will all determine whether today’s investments ultimately deliver attractive returns. AdvertisementThis discussion was originally featured in the MB Fund Podcast Episode 425 on the AI infrastructure boom.