The AI Bubble should more accurately be called the Data Center Bubble. Private credit sold everyone on the idea that AI needs massive data centers right away, because they needed a new narrative to lure investors into funds that are sitting on rapidly deteriorating assets from years of bad loans. As it becomes more and more obvious that these massive data centers are neither wanted nor needed, the Data Center Bubble will burst. AI is going to be just fine, but private credit and the hyperscalers, pension funds, and insurance trusts that they suckered in will be left holding the bag.