The AI stack: Q4 scarcity migrates to power
The AI stack is entering a new phase.
Q4 may be the quarter where power, not chips, becomes the binding constraint.
The buildout is a stack: generation, storage, transmission, data centres, accelerators, networking, cooling, and software. Each layer is now pulling demand from the layer below it.
If storage and grid capacity stay tight, the scarce asset is not the model. It is the reliable megawatt behind the model.
That is why the next cycle will reward companies that can add capacity, move electrons, and turn infrastructure into compute. Watch the stack, not just the headline AI names.
The investment question is simple: where does scarcity migrate next?
