AI capex now buys silicon faster than the physical world can plug it in.
Spending has outrun deployment: construction-in-progress and warehoused GPUs pile up for years while even fully funded flagship factories slip their dates, because installation, grid coordination, and elapsed time — not money — now set how much capex ever becomes operating compute.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
With 97.9% GPU utilization proving demand at full throttle, the sell-off priced elapsed installation and grid time — how much capex ever becomes operating compute — rather than any demand crack.
A fully funded, Nvidia-backed flagship factory still slips its date because grid coordination and elapsed time — not money — set when capex becomes operating compute.
The deployment gap — silicon bought faster than the physical world can connect it — has now been quantified by mainstream sell-side research, not just bloggers.