Based on this quarter’s earnings reports, it’s clear to us that demand is not the constraint for hyperscale clouds. They are, however running head‑long into the hard limits of physics.  Access to megawatts, liquid‑cooled racks, and a GPU supply chain that begins and ends with NVIDIA are now critical paths to tapping what appears to be unlimited demand.  AWS, Microsoft, and Google each chalked up record‑setting capital outlays last quarter—collectively dropping around $63 billion in CAPEX—yet even that eye‑popping sum can’t fully satiate the compute‑hungry AI models racing toward trillion‑parameter scale. We believe the real story isn’t simply “AI is expensive”; it’s that power availability, not revenue potential, is now the gating factor on hyperscaler growth. In our view, the winners of the next cycle will be the providers that secure sustainable energy footprints, master GPU allocation, and—critically—translate all that infrastructure into margin‑accretive AI services before the depreciation schedules kick in. Welcome to the ironic era where megawatts equal market share.