Chipstrat

Austin Lyons × Stacy Rasgon × Dylan Patel

Financing costs and shortages in substrates, memory, and clean-room capacity could constrain AI infrastructure supply through 2028, while on-site generation may ease power limits.Construction exceeds $60 billion per gigawatt, shifting cost negotiations; Nvidia’s pricing power depends on performance gains outpacing higher costs.Patel expects Nvidia’s CoWoS and HBM share to fall, even as earnings at least double next year; custom silicon and enterprise token demand remain key signals.