The silicon behind AI: GPU and accelerator launches, supply and capacity, and what each shift means for what you pay to run models.
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The capex is real, rational, and historically unprecedented. Whether it pays comes down to one clock: the depreciation schedule on the chips, running against a revenue ramp that may be slower than the buildout assumes.
Everyone is still counting GPUs. The real bottleneck in 2026 is firm electricity, and the companies that train frontier models increasingly depend on whoever can deliver the megawatts.
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