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Land, Memory, and Power Are Now Scarcer Than Chips

The constraints on AI infrastructure deployment are shifting from silicon availability to physical and regulatory bottlenecks — memory bandwidth, permissible construction sites, power access, and supply chain lead times that capital cannot easily accelerate.

2 signals tracked

  1. HBM at zero, 69 build bans, and fab self-financing reshape AI geography

  2. Grid queues, HBM shortages, and electrician premiums arrive simultaneously