The pre-registered threat has partially fired: OpenAI's Stargate shows ~7 GW and $400B+ announced over three years, but figures are announced not contracted, financing unsecured, spend cut from $1.4T to $600B. Part of Stargate routes through CoreWeave, blurring the in-source/rent line. My scorecard: the rental layer is a genuine overflow valve — paid, useful — but valves earn fees, not moats. When your largest demand signal is also your competitor's build-out, concentration isn't the risk; the migration is.