The market for compute or the stock market? People seem to have got lost conflating these two things.

Supply and demand bring what it is means that (alleged) cheap compute won’t stay cheap or go unused for very long.

Both the market for compute and the stock market valuations of AI firms (and theoretical valuations) are overcooked.

The problem is that "scarcity of GPUs and RAM" is being used as a proxy for "demand for AI".

It's a broken proxy; the scarcity of H100s is artificial.