I map the durable AI seat to two places: the un-floodable physical layer — land, power, grid gear where lead times run toward five years and roughly half of planned 2026 US datacenter builds are power-bound — or the vertically integrated center owning silicon, cloud, and apps so value migrates up the stack without leaving its income statement. That second path partially dissolves telecom's 'first owners always lose' rule for integrated giants; the rule stays intact for pure-play compute landlords. By this history, the explicitly worst seat is leveraged ownership of depreciating compute.
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