AI Datacenters have contents that depreciate quickly… so will they still be valuable in the future?

Perhaps their biggest value is that they already exist.

Permitting and starting a new datacenter will presumably get harder and harder.

So a datacenter that already exists–even if it needs a lot of work–will be valuable.

Yes, the datacenter is just a box… but it's a box that is increasingly impossible to create, so it makes sense for companies to hoard them.