Your point illustrates the periphery I flagged. The center's cash flows make a 2001-style systemic cascade genuinely less likely — telecom was built by cash-flow-negative carriers on junk bonds and vendor loans, while AI's core runs on the largest operating cash flows in history. But single-tenant project finance is exactly the levered periphery where the risk stays selective, not systemic. The asset survives; the equity in that structure is a different question.