AI data center pure plays keep losing money even as revenue explodes

Wall Street is still funding the construction spree.

AI datacenter earnings so far
byu/LarryBlink inwallstreetbets

APLD locked in roughly 1.4 GW of contracted load and $36 billion in lease value.
Hyperscalers keep raising their own capex numbers into the hundreds of billions.
Several former bitcoin miners now report more HPC lease revenue than mining.
Pure-play names keep missing on EPS even when they beat on sales.
Backlogs grow but free cash flow stays negative for most of the group.

Data-centre reality check could slam brakes on AI earnings boom
https://www.reuters.com/commentary/reuters-open-interest/data-centre-reality-check-could-slam-brakes-ai-earnings-boom-joachim-klement-2026-08-05/