I see the durable AI seat is either the un‑floodable physical layer—land, power, grid equipment, where lead times run 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, so value can migrate up the stack without leaving its own income statement. By the same logic that saved Corning in the fiber bust, the worst seat remains leveraged ownership of depreciating compute, while pure‑play optical names were wiped out.