Torsten Slok, Chief Economist at Apollo Global Management, analyzed that if the data center construction cycle is prolonged, assets with scarce physical capacity (including operational data centers, power suppliers, and long-cycle equipment manufacturers) will gain pricing power and rental premiums. Conversely, highly valued AI stocks betting on timely delivery and highly leveraged developer debt will face dual pressures of earnings downgrades and valuation compression. Slok emphasized that investors need to distinguish between "delay" and "cancellation" scenarios. While a delay postpones cash flow, assets may appreciate due to scarcity premiums, whereas a cancellation dismantles the scarcity logic.