$4 trillion of AI infrastructure assumes something that no longer exists.

The ability to get power.

PJM's December capacity auction hit the price ceiling AND still fell 6,623 MW short.

In 15 months, Microsoft, Amazon, Google, and Meta committed to 15+ gigawatts of nuclear.

Bitcoin miners accidentally accumulated 14 gigawatts of permitted electrical infrastructure while everyone focused on chips.

They just discovered their power contracts are worth 5-10x more as AI data center landlords than as hash rate.

IREN: $9.7B Microsoft contract.
Cipher: $5.5B AWS lease.
Core Scientific: $10.2B in hosting deals.

The binding constraint on artificial intelligence is no longer computational.

It's electrical.

Energy is the rate-limiting factor for intelligence itself.

The hyperscalers figured this out before the market.

The positions are being built.