If you're really compute constrained do you really need EUV machines? You can make do with DUV fabrication nodes, albeit at somewhat higher cost. The trailing edge is where a lot of the mass impactful innovation is, e.g. trying to replicate more advanced EUV nodes with DUV multiple patterning.

That’s what’s happening. Companies who were planning a move to advanced nodes for non AI chips are delaying it. All the advanced nodes are going to AI or smartphone chips only.

There was a good episode on Dwarkesh's podcast about this in the last few weeks, just a deep dive into the semiconductor industry and what the bottlenecks are.