AI Data Center Bear Case: $99bn Backlog, $50bn Debt, 1 of…
Every AI data centre stock on this page has a backlog problem, and it is not the one you think. The bear case is not that the contracts are fake. CoreWeave’s $99.4bn of contracted backlog is real, anchored by roughly $21bn from Meta signed in March 2026 and about $22.4bn in total OpenAI commitments. The
