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> Except for the physical buildings, permitting, and power grid build-out.

Those are extremely localized at a bunch of data centers and how much of that will see further use? And how much grid work has really happened (there are a lot of announcement about plans to maybe build nuclear reactor etc., but those projects take a lot of time, if ever done)

nVidia managed to pivot their customer base from crypto mining to AI.


> Those are extremely localized at a bunch of data centers and how much of that will see further use?

As much as there is market for somewhat-less-expensive data centers. (Data centers where somebody else already paid the cost of construction.)

And where they are doesn't matter. The internet is good at shipping bits to various places.

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