Tomasz Tunguz argues that the binding constraint on AI in 2027 will be energized compute rather than chip supply, projecting a ceiling of roughly 80 GW of powered AI capacity. He cites GPU short-term rental rates rising from about $3 to $12-13 per hour in six months, Anthropic's blended GPU-hour cost up 82% in two quarters per its S-1/A, and finished server racks sitting unpowered because data centers lack energized utility power. Brad Gerstner said on an All-In livestream that 10 to 15 GW of the expected 2027 build could fail to come online, and Tunguz estimates the current 38 GW fleet earns about $140 billion annually versus roughly $500 billion combined with new capacity.