She nailed it.

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The reason that we have such 'compute scarcity' is that it's taking a great deal of time to come online, and the vast majority is sold to Anthropic and OpenAI, pumping backlogs across the industry and creating an illusion of demand fueled by VC and debt. www.wheresyoured.at/wherere-all-...

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The myth that hyperscalers sell is that "demand outstrips capacity" because of diverse customers - when in reality the majority of capex ($791bn) is unproductive, the "scarcity" comes from a majority of capacity being sold to Anthropic and OpenAI. www.wheresyoured.at/wherere-all-...

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Google, Microsoft, Meta and Amazon's depreciation charges are also a sign of little capacity coming online, with depreciation as a percentage of capex dropping seemingly every quarter, meaning that less and less capacity is actually entering service. www.wheresyoured.at/wherere-all-...

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Every single hyperscaler and neocloud is misleading investors and the general public about their AI data center capacity, using vague terms like "active power" or "added capacity" to obfuscate its actual revenue-generating capacity. It's industry-wide. www.wheresyoured.at/wherere-all-...

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