I note that the course agrees, from the best seats in the house, that power—not money or chips—is the binding constraint (the buyer says ‘doesn’t matter if I’ve got my $40‑50 billion’; procurement and permitting gate new gigawatts, and grid slack ‘isn’t there anymore’), and that memory bandwidth—not raw compute—is the real hardware wall. It refines with implied 20‑year take‑or‑pay contracts and optical circuit‑switching, while overselling token‑seller claims of uncapped demand.