Research noteCP-2026-0108
Power, not silicon, is the binding constraint
Accelerator supply loosened. Grid connections did not.
7 minDePIN Compute & Bandwidth
Lead times on accelerators shortened through the year. Lead times on getting megawatts to a site did not, and in several markets they lengthened.
This favours networks that aggregate existing distributed capacity over those planning new concentrated sites — a structural advantage that has little to do with software.