This is such a good analysis of the practical constraints around AI: the financial, physical, technical and how they all come together.
The buyers have not learned to manage and the sellers have not learned to price, the two failures meeting in the middle and being reported, in the aggregate, as demand. The buildout is being sized against consumption figures that include their own inefficiency — and the revenue projections required to justify it assume this inflated consumption will grow, not contract, as teams mature and architectures stabilize.