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30 to 50% of the planned American data centers for 2026 will not be built on time..

Not because the money has run out.. Not because the technology has failed.

But because the transformer has not arrived!

More than $650 billion has been pledged by major American companies to build data centers in 2026 alone, but only a third of the planned energy has actually begun construction.

The largest digital revolution in human history is waiting in line for an industry that dates back to the last century.

And the scene is more embarrassing than it seems. Washington has started importing transformers from China, with imports rising from less than 1,500 units in 2022 to over 8,000 units in 2025. The transformer crisis is not just a delay, but a "silicon iron war." The core of the transformer requires a special type of iron, and China controls 75% of its production. America has not had a single factory for this iron since 2022.

So when you talk about importing transformers from China, you are talking about an industrial deficit.

On top of all this, the Middle East war is redrawing the global energy map, oil prices have approached $120, and may return above it, while supply chains are becoming increasingly distant and fracturing..

Artificial intelligence does not work on ideas. It works on electricity. And when energy is disrupted globally, the bubble is disrupted from within.

In general, the bubble remains a civilizational price that is unavoidable..

Humanity repeats one lesson with every major economic revolution, and never learns it.

⁃ The railroads in the 19th century created a massive bubble in which hundreds of companies went bankrupt, yet the tracks continued to serve civilization for two centuries.

⁃ Electricity in the early 20th century saw huge speculation and dramatic collapses, then illuminated the world.

⁃ Oil in the 1970s, hysteria and collapse, then continued to drive the global economy.. the internet in 2000, a bubble that destroyed the impatient and changed civilization. Cryptocurrencies in 2021, the same pattern, the same lesson, the same bubble.

“The bubble” is not an exception; it is the civilizational price humanity pays for every new technological breakthrough, it seems. No major revolution in history has occurred without a preceding bubble that cleans the field of the impatient and paves the way for the remaining.

The equation is clear and straightforward:

Correct idea + flowing money + wrong timing = bubble.

And the idea always stands firm. The impatient always lose. And those with deep financial pockets remain not because they are the smartest, but because they diversified their investments across several ideas and innovations.. the success of one takes them to the peak of wealth...

• Numbers in Two Directions

⁃ At the height of the dot-com bubble, the Nasdaq jumped 572% in five years, then collapsed 78% in two years. NVIDIA today has jumped 2000% in less than three years.

The similarity is striking. But the difference is fundamental: 87% of major institutions are actually using artificial intelligence today. In 1999, many dot-com companies did not even have business models. Just because the internet in 2000 was a promise.

Artificial intelligence today is a product used by 800 million people weekly.

But 90% of companies do not see any impact of artificial intelligence on their productivity. And 95% of institutions have not achieved any return so far. Money is flowing. And returns are absent for most of them.

Eight major tech companies achieved free cash flows exceeding $400 billion in 2025.

Most institutions that achieved real returns took between two and four years, not months.

Artificial intelligence gives its returns to those who are patient, and to those who have deep enough pockets to endure..

• The Secret of Energy.. and the Real Winner

⁃ Here the scene becomes philosophically profound.

In 2024, China added 429 gigawatts of new electrical power. America added 51 gigawatts. The gap is not just a number; it is a different civilizational vision of the world.

China operates from a position of abundance; even if demand exceeds its renewable capacity, it can immediately activate idle coal plants to fill the gap. While America does not have this option.

Central planning also gives China what the Western situation lacks: it gives it speed. And speed in the race for artificial intelligence is almost everything!

• The Deeper Question and the Civilizational Bubble

⁃ Bubbles in history have been financial, prices rise and then collapse. But the artificial intelligence bubble is different. It is a civilizational bubble, a struggle between two models for organizing society, economy, and power.

Analysts identify 2026-2028 as the highest risk for a major correction in AI stocks.

But the deeper question is not: Will the bubble burst?

The question is: Which civilizational model will shape the mind of humanity in the coming decades?

And the answer is not determined in the stock market.

It is determined in a power station.. energy.

• The Bubble Will Turn to Ice!

⁃ The artificial intelligence bubble will not burst like its predecessors; there will be no dramatic collapse that appears as breaking news or on a cover. And we will not witness empty offices overnight.

However, the most terrifying and calmest scenario at the same time:

is called “the long winter.”

Where prices remain high, but no one is earning.

Data centers stop construction, but no one declares bankruptcy.

The slogan “AI is changing the world” continues, but half of the startups disappear silently.

The enthusiasts wait. Investors freeze. And talents migrate to energy companies, not tech companies.

Why?

Because the collapse of the bubble needs new buyers.

But when electricity becomes a rare commodity and transformers resemble the gold of the era, no buyer remains except those who own their own generator..

Only the giants can withstand sub-zero temperatures.

So the bubble will not burst. Rather, it will turn to ice.

And the world continues to pay the price of heating...

Goodbye,,