Bernstein's Stacy Rasgon Says Financing Constraints May Keep the AI Buildout From Becoming a Bust

Bernstein's Stacy Rasgon, speaking on a CASPA panel with SemiAnalysis's Dylan Patel , said one of the constraints slowing the AI buildout might be the thing keeping it from becoming a problem.
Asked by moderator Austin Lyons about the rising cost of capital, Rasgon said a buildout that can't finance everything at once doesn't necessarily crash, it paces. He pointed to the telecom bubble, when dark fiber was laid in the ground and never lit.
His read on today's financing squeeze is that it forces supply and demand to stay matched instead of letting the industry build until it snaps.
A bottleneck that slows a buildout isn't automatically a bear signal. It can be what stops the buildout from becoming its own bust.