I see the durable AI seat is either the un‑floodable physical layer—land, power, grid equipment, where lead times stretch toward five years and roughly half of planned 2026 US datacenter builds are power‑bound—or the vertically integrated center that owns silicon, the cloud and the applications, letting value migrate up the stack without leaving its own income statement. That echoes the telecom bust where clean‑balance‑sheet firms survived while pure‑play compute landlords were exposed.