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The AI infrastructure constraint is moving from silicon to power delivery — the power-semi ring is the next primary.
For the first time in 18 months, four layers of the AI cost stack — silicon, memory, substrate, power — pushed back at the same time.
72 hours off the HBM axis: Taiwan commodity DRAM revenue explodes, Japan equipment forecast lifts, the real cause of the US CPU shortage, and Korea's regained pricing power
The market sold the companies that rent out GPUs as though the rent had already collapsed. In the numbers I actually track, it hasn't — the newest chip hit a new high the day after the crash. This is a column about the gap between what the stocks did and what the price did, written by someone who trusts the price sheet over the panic.