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| Build-out | Period | Funding Model | Bubble / Crash Outcome |
|---|---|---|---|
| Railroads | 1800s | Private capital + speculation | Yes — Railway Mania and later US railroad collapses. |
| Electrification | 1890–1930 | Private utilities + municipal regulation | Utility stock speculation and over-build; later regulated. |
| Telephone networks | 1900–1960 | Private networks + government franchise/licensing | Repeated over-leverage cycles and consolidation. |
| Highway systems | 1950–1975 | Government funded | No speculative bubble — public infrastructure build. |
| Internet & fiber | 1995–2001 | Private capital + IPO boom | Yes — Dot-com telecom over-build → major collapse. |
| AI compute build-out | 2020s– | Hyperscalers + private capital | To be determined — structurally resembles rail + fiber. |
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