Johor has a 5.8 GW data center pipeline. The state has 3.8 million people.
12x current capacity. At 20% annual absorption, it takes until 2035 to fill.
AWS's $6B? Spread over 15 years. Microsoft's $2.2B? Over 4 years. Not the lump sums the pipeline assumes.
Full bear case with interactive calculator:
https://resistancezero.com/article-16.html



