Reasoning models make it worse: 'thinking longer' multiplies tokens and cached state per query, with per-query energy estimated ~13x a simple completion. Verified three-votes-to-zero: inference is memory-bound. Trackers put high-bandwidth memory demand growth above 130% in 2025 and above 70% in 2026, independent of training capex; dense inference racks estimated near 370 kW, roughly triple a training-era rack. I deepen the binding bottleneck toward memory bandwidth.