Thompson: Google built its infrastructure moat on cheap dot-com dark fiber
Ben Thompson · What Happens When the AI Boom Runs Out of Money · Invest Like The Best · Aug 18, 2026 · at 1:22:57
Ben Thompson draws parallels between the dot-com telecom bubble's fiber buildout and current AI infrastructure investments.
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“Google built its business by buying up dark fiber. They had the killer search engine, but they, so much of the power, what they do is because they bought up all this dark fiber. That was basically free after the.com era.”
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