Source

Public-market framework for sizing the gap between current AI infrastructure pricing and what short-AGI-timeline demand requires. Three filters in order: (1) AI beta — % of revenue tied to AI; (2) priced-in status — coverage of the 15GW additional AI-infra demand expected in next 12 months (<60% = upside, 100%+ = saturated); (3) idiosyncratic risk — substitution risk per supply-chain layer (3 HBM players = low; many neoclouds = high).