The AI buildout meets the neighbourhood — and the ledger

Financial markets metabolise AI as a record rally. State legislatures metabolise it as an energy-cost threat (27 states, construction moratoriums, a permanent local ban). Builder discourse metabolises it as an *economics* problem: a 600-point Hacker News thread on GLM 5.2 and "the coming AI margin collapse," debating whether frontier economics even hold. Three organs, three verdicts on one signal — euphoria, resistance, doubt — all true at once.