Aren't the data center deals only finalized and paid upon actual completion of the project? Like that's part of what makes the AI thing a bubble - companies are trading IOUs. I pinky swear to buy these chips once I have the data centers to house them in and the data centers have the power, water, etc from local infrastructure needed to operate and you pinky swear you'll have the actual physical goods available at that time to fulfill that order.
What happens if a large amount of these pinky swears, which inflated stock prices are built on top of, fall through?