Jensen Huang just told you exactly which AI bottleneck never goes away and it points directly to one of the best trades in the market right now. He did not say chip bottlenecks are permanent. He said the opposite, more chip capacity is a two to three year problem, more CoWoS packaging capacity is a two to three year problem, and none of the manufacturing constraints currently limiting Nvidia's ability to ship are structural barriers that cannot be solved. What he said is permanent or at least, far harder to solve is energy. You cannot build AI factories, reindustrialize the United States or build robots and next-generation compute without energy and energy does not respond to large purchase orders the way foundry capacity does. It involves regulatory timelines, grid interconnection queues, permitting cycles, and national policy decisions that no single company can accelerate regardless of how much capital they deploy. The US is staring down a 19 gigawatt power gap by 2028, and PJM launched an emergency integration plan earlier this year just to handle current data center load, not future load, current load. Nearly half of the data centers planned for 2026 are already delayed or canceled not because of chip shortages but because of transformer shortages, switchgear backlogs and grid capacity constraints that have nothing to do with silicon. This is the exact environment that makes Nebius a structurally differentiated position. While every other AI cloud buildout is fighting the same power bottleneck Jensen described, Nebius has already secured over 2 gigawatts of contracted power capacity with a 1.2 gigawatt campus in Missouri, another 310 megawatts in Finland and a Pennsylvania site adding another 1.2 gigawatts to the pipeline. Power is the constraint Jensen says no one can shortcut and Nebius has already locked in more of it than almost any independent AI cloud operator on the planet. That power moat sits underneath a $27 billion contracted revenue deal with Meta, a Microsoft partnership ramping to full run rate in 2027, and a 684% year over year revenue growth number that just printed in Q1. The Nebius thesis was always about infrastructure scarcity in a world of accelerating demand, Jensen just confirmed on camera which scarcity actually matters long-term, and it is exactly the one Nebius spent the last two years solving before anyone else was paying attention. Milk Road Pro called Nebius early, has been sitting on a massive gain on the position, and continues to track the infrastructure plays that matter before they become obvious to the rest of the market, come join us at the link in bio/below!