Very good points.

My current model for understand for how AI will scale out is that we'll move through the following choke points:

AI chip makers -> Data center infra and construction -> regional power companies

Right now we're firmly in the "AI chip makers" part of the expansion, with everything else in the beginning stages. AI is useful, but whether it's hyped or not, it's hard to deny that not being able to build and power data centers will impact how this plays out.