I keep hearing the AI datacentre boom compared to the 2000s telecoms crash. The parallels seem obvious - billions in infrastructure spending, concerns about overbuilding, warnings of an imminent bubble. But when I actually ran the numbers, the fundamentals look completely different. I'm not here to predict whether there will or won't be a crash or correction. I just want to look at whether the comparison to telecoms actually holds up when you examine the history in a bit more detail. What Actual...