The shift from chips being the constraint to power being the bottleneck completley reframes which companies have strategic leverage. IREN securing $9.7B from Microsoft using only 10% of their power capacity validates the supply-demand imbalance you're highlighting. VanEck's comparison of these deals representing 20% of sector market cap really captures how dramatically the energy stack is being rewired.
The shift from chips being the constraint to power being the bottleneck completley reframes which companies have strategic leverage. IREN securing $9.7B from Microsoft using only 10% of their power capacity validates the supply-demand imbalance you're highlighting. VanEck's comparison of these deals representing 20% of sector market cap really captures how dramatically the energy stack is being rewired.