FWIW - Think a very significant part of US demand was driven by hoarding of GPUs for yet to be completed data centres - ie idle GPUs waiting to be deployed. Hyperscalers pre-ordered and hoarded GPUs to reduce supplychain risks in the future. That pulled demand forward into the present. Issue is that a lot of compute demand has migrated from US to Chinese models in the meantime implying significant oversupply of GPUs in the US and essentially capital misallocation. That domestic supply glut will probably intensify if the US-China chip export ban is really being enforced now which is why I am rather bearish on GPU demand going into 2027…