This is an assessment of the moment. When rate of AI data center construction slows down, then P/E will start to grow. Or are we saying that the pace will only grow forever? There are already signs of a slowdown in construction.

What are these signs you are referencing? Source?

Like why would it slow down? If 1% of human capability is currently replaced with AI, how would things look if that number goes to 15%? When autonomous robots come into fruition as photo recognition improves, demand for compute will skyrocket.

Exactly, that's why I meet this claim with skepticism. I know I hear news of so and so state/county trying to pass legislation against data centers but I highly doubt that is picking up much speed.