It seems the mechanism will be the offfhsore scheme becoming unavailable due to losses that then filters through the system to harm the onshore insurer and the data center financing pipeline at a time when the financing is as important as it has ever been due to negative free cash flow at the big spenders. There is also a potential catalyst in rising rates as the supply of data center debt crowds out the supply of Treasuries and therefore present too much supply next to reduced demand (as markets adjust to the weaker dolla and rising rates). I will lay this all out in my next post, but I am looking at private insurer shorts or CDS, and shorts on the data center demand story. My theory is the Byzantine financing arrangements recaching above 1 trillion now to finance the buildout are not fully or even majority backed by end-user demand now, and this will become more true with increasing compression. Financing disappearing would be the tide going out on phantom data center buildout-related demand.