A leading AI investor warned that speculative third‑party data‑center developers face a looming financing crunch as capital inflows collide with mismatched customer demand. Alex Davis of Disruptive argued that many data‑center projects lack sustainable margin stories and that the market favors owner‑users—hyperscalers and well‑capitalized tech firms—over speculative landlords. Universities that rely on leased commercial capacity or partner with third‑party cloud providers could see pricing and availability volatility if financing tightens. Research computing offices should reassess long‑term capacity plans, contract terms and contingency options for critical workloads. The warning also raises procurement timing risks for campus capital planning: institutions considering co‑located or leased capacity must stress‑test assumptions on occupancy and long‑term cost escalation.