My personal opinion is that "AI surge" is supply side as people rush to fill an imaginary hole and claim the territory.

Whats not rushing is CFO belief the value proposition justifies the spend. I think there's a lot of FUD, but also real concern: this is spend for little to no immediate benefit unless we really can sack staff, and if we sack staff and it turns out to be shit, we're the wrong side of a re-hiring burden.

I do not think there "is" an AI demand surge. I think the reality will hit home when the leveraged spend starts to accrue serious debt and the share prices are under water or heading down.

Somebody (big 3? big 4?) will clean up. Nobody else much will. And, its not impossible even the big 4 will turn out to have indulged in a giant potlach.