Potential slowdown in frontier-model progress ≠ slowdown in AI spending
China and competitive concerns are likely a bigger driver than "Skynet" fears.
AI compute demand remains extremely strong
AI demand is increasingly moving from training to inference.
Agentic AI workloads could drive massive inference demand.
Current infrastructure is already insufficient for existing models.
Demand for compute is expected to remain high even if frontier model development is paced somewhat slower.