not an economist (thank god) but there can be healthy cycles in the sense that the money passing around is facilitating the exchange of goods and services as well building out infrastructure. but this is not healthy at all.

this cycle is trapping huge amounts of capital in companies that are spending it on improving a service that thus far has not shown to be more efficient than the alternative, which is hurting the economy in terms of the opportunity cost. most other sectors of the US economy are in recession and it's because all the capital is being redirected into the money pit that is AI and this cycle is insuring that none of it gets out.

also all of these companies are overpriced and once a correction hits one of them, all of them will suffer and the economy crashes. maybe people will find a way to use the giant data centres after the crash (probably some dystopian military-industrial-surveillance complex shit), but the only potential upside to this that i see is modernizing and expanding the power grid, but that takes much longer than the potential timeline for the AI bubble so i think most power grid projects will either be cancelled or bailed out and finished by the government after the crash.