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Power Is the New Compute Commentary: The binding constraint on artificial intelligence has shifted from chips and models to electrons, and the advantage now belongs to whoever controls power, equipment, land, and capital together.
NEW YORK, June 11, 2026: For three years, the argument over artificial intelligence's binding constraint has worked its way down the stack. First it was chips: whoever held the GPUs held the future.
Then it was models: whoever trained the frontier system would own the market. Both arguments have aged badly, and the most powerful man in enterprise software said as much himself.
"The biggest issue we are now having is not a compute glut, but it's power," Microsoft CEO Satya Nadella said on the Bg2 Pod in November.
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