The idea of compute prices going up is similar to the Bitcoin / Ethereum mining rush pre 2020s. But this time, it's bolstered by Wall Street. Futures are launched for a reason, and they will be making you pay for it. Infrastructure takes time to erect, energy costs are only going higher. Can underlying LLMs run cheaper? Yes, but at what output quality? The only reason former crypto miners are going for this space is because they already have energy deals in place. Some of them run for many more years to come. So it makes sense in this AI boom, to capitalize on the highest IRR projects. The losses on paper that you see, are just old mining rigs being written down. The money had already been spent. The target has always been operating cashflow, and revenues. Because of the high barriers to entry, only a handful of public listed entities will hold the keys to the AI infra build out. And these companies will be the goldmine. They may be price takers for now, but as demand outstrip supply, they will be price makers. Many more medium sized businesses will want their own infrastructure eventually.