Someone just compared the AI infrastructure spending spree to the shale boom from a decade ago, and honestly? The parallels are wild.

Think about it: companies burning through cash faster than they're making it, everyone scrambling to grab compute capacity like it's prime real estate, and the end product—raw compute power—getting commoditized so hard that oversupply becomes inevitable. Sound familiar?

It's the same playbook. Massive capital expenditures chasing projected demand that might not materialize at the pace everyone's betting on. When compute becomes just another commodity that can be overbuilt and underpriced, margins evaporate. We've seen this movie before with energy infrastructure.

The land rush mentality creates its own gravity—nobody wants to miss out, so everyone piles in simultaneously. That's exactly how you build excess capacity that takes years to absorb. Classic cycle behavior.