The AI Bottleneck Investors Keep Misdiagnosing
The real limit on AI isn’t compute — it’s capacity. There’s a moment in every AI conversation where someone — usually a CEO — leans back, exhales, and says the same line: “We need more compute.” It sounds urgent. It sounds technical. It sounds like a GPU problem. And for a while, I believed that too. But the more I mapped the AI pipeline — chips, networking, optics, power, cooling, grid — the more something started to ache. […]