Alberta’s ambitions to build artificial intelligence data centres are attracting attention and investment from across North America — with potentially hundreds of proposed projects waiting for a green light and billions of dollars up for grabs.

But some critics and even industry insiders warn there is a high risk many of these proposals will fail, potentially spooking other investors and maybe even leaving behind partially built warehouses.

“There are a large number of speculative developments going on,” Graeme Harrison, a Calgary-based investor in AI infrastructure, said in an interview. “Most of them have no access to customers,” he said.

Harrison worries a bubble is forming around the data centre industry in Alberta — and that it could pop. But others reject this argument, saying t

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