Yes, there's a present shortage of usable frontier compute, but that doesn't establish that every proposed data center will earn a decent return, or that today’s hardware + model architecture will remain economically competitive, or more to Siegel's point, that algorithmic efficiency could not dramatically reduce compute requirements.

To borrow a real example from a prior boom, railroads were congested during the initial build-out while people simultaneously funded and built too many railroads for future demand. Likewise, Anthropic et al can be compute-starved now while the industry as a whole is overbuilding expensive, depreciating infrastructure.