Essays··7 min read
Short of Space or Power
Microsoft is sitting on roughly $80 billion of Azure orders it cannot fill. It has the demand and it can buy the chips. What it cannot get is power. The binding constraint on AI has quietly moved from the fab to the substation, and the hyperscalers' answer, becoming their own utility, is rational for them and corrosive for everyone else standing in the same interconnection queue.
ai-infrastructuredata-centresenergyhyperscalers
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