This is a very interesting article - https://ciphertalk.substack.com/p/nobody-knows-what-a-used-gpu-cluster, for me the most interesting observation is that data centres do not run themselves, they are only value creating when there is an ops team, but the markets are currently only pricing on the chips in the centres and not the opex of running the team. 

Teams are also needed for example for aircraft, but that's an industry that has scale and history, so the implication is that there must be an asymmetry between the market pricing for the debt on these assets, and the actual price to operate them, and since we haven't hit that moment in time, we don't know what that is yet.