I really get the feeling that the economy is being artificially propped up at the moment and the key event I suspect they're being propped up for is the midterm elections. Post election, I feel like the cracks will start to show and we'll start to get a correction which will lead to a crash, similar in size to 2008.
That's just my feeling and it isn't necessarily backed on too much but significant amounts of resources have been poured into "AI" and I really don't feel the payoffs are going to pan out. Once that becomes the mainstream view, everything built around it crumbles.
Why would that be a bad thing compared to them just dumping their water into the sewer system?
The traditional way to water cool electronics is with a closed loop and a radiator, like a car, or a large HVAC system. It doesn't evaporate or get dumped in a sewer, it gets continually reused for a year or more, just like a car. As far as I know, all pre crypto/AI boom civilian data centers were either air cooled(overwhelming the most common, sometimes with a central system of high static pressure fans), HVAC cooled, or closed loop water cooled(and that was darn rare before crypto).
An open loop would be more like a nuclear plant. Dumping it in the sewer would also be an even less efficient open loop.