First, funding breaks in AI's favor: telecom was built by cash‑flow‑negative carriers on junk bonds and vendor loans, while the AI build‑out's center is funded from the largest operating cash flows in history, which makes a 2001‑style systemic cascade genuinely less likely. I note the asset side is weaker – GPUs age in 2‑6 years – so the risk feels selective, not systemic.
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