They are counting some combination of legitimate risk, FUD, and protectionism to ultimately protect them from the Chinese models.
The reality is at some point in the not to distant future it will be cheaper to put enough AI accelerator hardware in workstations to give most folks using Claude/Claude code and similar a perfectly acceptable degree of performance. It always goes this way - it is never cheaper put hardware behind the glass when it can go under the desk long term. The only reasons to do it usual boil down to management and wanting to do something more bleeding edge that hasnt filtered to commodity hardware yet.
Of course for online applications that need to scale, and for complex engineering or very large data volume tasks, sure "Cloud AI" and certainly for anyone who needs to train a model. However the idea these guys are going to get individuals and business to keep paying $200 for tokens to use some desktop AI assistant is unrealistic, and down goes the datacenter volume requirements along with that.
Again I am not saying there isnt a new industry / space here or that it is all a bubble but the current Anthropic/OpenAI/Grok business model persisting for a whole lot longer does not appear to me anyway to that it fits the patter of the last 25 years of White-Collar-targeted IT systems.
Let me caveat that I also think the sorts of people making big investments in Data Centers are not stupid and at least see this as a likely outcome as well, presumably they believe they can sell the space/capacity to other users for other applications. If so why not charge the Anthropics of the world with the VC money huge premiums to rush build outs while you can get them? As long the assets are still marketable after that business drops off, it is a win!