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If you want to know what it looks like when a trillion-dollar tech bubble violently collides with physical reality, just look at yesterday. $2.5 trillion in tech valuations were wiped off the board as Wall Street panicked about AI’s leverage — punishing tech giants for incinerating cash on infrastructure that isn’t generating immediate profit.

Simultaneously, as we saw on Wednesday , the American voter rejected data center expansions in 40 out of 41 local ballot measures . The hardware hoarders are losing their grip, and the panic is palpable.…