The head of an investment firm issued a stark warning regarding the rapid expansion of the American data center market. He argues that the current strategy of building facilities based on uncertain future demand is a dangerous gamble that ignores realistic profit margins. While large tech companies typically build their own infrastructure, smaller landlords are accumulating excessive risk by anticipating a tenant surge that may never materialize. This trend is exacerbated by the fact that the number of domestic data centers has increased fourfold since 2010, creating an unsustainable bubble.