(https://www.cnbc.com/2026/09/01/sb-energy-ipo-softbank-open-ai-nvidia.html) — zero revenue, zero operational datacenters, backed by OpenAI and Nvidia — and this isn't bullish. It's the market telling you that AI capex demand has become so untethered from actual cash generation that it's funding imaginary infrastructure. The entire thesis rests on hardware utilization that doesn't exist yet.

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