Seems like the 'compute demand is outstripping supply, WE NEED MOAR, BUILD MOAR' therefore price MUST go up on related stocks, is missing the forest for the trees. Overall, the VAST MAJORITY of the compute demand is wasted on stupid things, and were it not subsidised, would be akin to lighting money on fire, and people would pull back heavily on their spend. Even with subsidies, companies are trying to desperately incorporate and use AI to try and stay ahead and compete, just incase their rivals do something actually super useful with it. The conversion of demand for AI services to valuable economic output is not there yet. Eventually the subsidisation and build out has to slow, and costs have to be passed on to make this all viable. THEN we see what the real demand is for centralised data center compute, and what the demand is for edge/home computing, based on real economics and not the warped picture we're seeing right now. It's like how everyone looks to the dot com boom and talks about how Western countries built out way too much fibre and it took 15+ years for the real demand to arrive. Compute build out is the same vibe, except instead of not being used, it's being used to send cat pictures to each other at the expense of the companies and so people are pointing and saying we need more fibre.