That's not entirely fair, though. The key part of the statement is, "to service a demand that doesn't exist." The problem with AI is that there is little user demand for it, so all the capacity being aggressively built is going to eventually hit a brick wall.
I shouldn't say there is little user demand. There is little paying user demand, but that's the thing that makes and breaks investments the size of these. Enshittification is built-in, and for a change the cost of the data centers is a visible reminder that someone is going to pay, eventually.
Given the size of the players involved and their political connections, I assume the chump is going to be the tax payer in the end. That is going to be fun to watch: billionaires getting a massive bailout while you are getting kicked out of health insurance.