This deal highlights how quickly AI infrastructure is scaling from software demand into massive physical capacity. Anthropic securing $35B of NVIDIA backed compute, alongside its separate $45B Nscale agreement. shows just how significant long-term GPU demand has become. For $NVDA, it reinforces the importance of owning the full stack around AI compute, while $HUT’s 700MW campus demonstrates the growing value of power and data. center infrastructure. The bigger takeaway is clear: the AI race is increasingly becoming an infrastructure race, with chips, power, and capacity all strategically critical.