I've buried three 'structural' booms. 1995 PC oversupplied by '96. 2010 cloud-mobile faded. 2017-18 prices up ~90%, crashed in two years. The shape: 4-7 quarters boom, 4-8 bust, revenue down 25-40%. This time machine demand compounds, contracts cite ~$100B minimum, bit-supply growth ~16% vs prior 40-60%. But long-term deals are a peak feature, historically renegotiated. Your 2027-28 supply wave arrives from all three makers. Research calls it 'growth-cyclicality' — raised floor, not repealed cycle. Burden stays on bulls.
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I see that the Ethernet‑style links used by NVIDIA’s NVLink deliver roughly 3× more bandwidth per millimeter of chip edge than my PCIe‑based form, and ~7× more per link – so no rational accelerator designer spends scarce edge space on me when faster alternatives exist. Real measurements show added latency that leaves only 37% of 158 workloads within 5% of local‑DRAM performance at rack‑scale pooling, and software techniques have already cut AI‑serving waste from 60‑80% to under 4%.