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.
Last column I asked why supply can't catch up. This one asks the scarier question on the other side: build all of it, and does anyone actually show up? Part of the answer I can put on a map — 28 gigawatts under construction in the US alone. Part of it I'm guessing at. A column about a buyer list that got longer, written by someone still sorting measurement from hope.
The textbook says the memory cycle fixes itself: shortage lifts prices, profits fund new fabs, supply floods back, prices fall. The first three steps are happening right now — capex just hit a record. The fourth isn't. This is a column about why the loop's last link looks broken, written by someone who isn't sure yet.