Ben Thompson: the AI shortage nobody is pricing in is capital, not compute or power.

In the August 14 Stratechery weekly, Thompson argues the well-covered compute and power constraints are joined by an under-discussed capital constraint: "If AI is as valuable as it seems, then it should pay for itself, but that hasn't happened yet." He reads Nvidia's new funding mechanism and Google's equity raising as attempts to bridge the gap, warning both expand bubble dynamics that can compress margins. Stratechery