AI Doesn’t Have a Capital Problem, but Lacks Usable Power

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The main thing that’s lacking is electricity. Elon Musk warned us earlier this year when he said that the industry is close to producing "more chips than we can turn on." JPMorgan’s aforementioned report noted that more data centers would already be coming online if the power were there to run them.

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Oil's Next Move Hinges On Three Variables

The duration of the conflict may matter more than the conflict itself. JPMorgan estimates that every additional month of disruptions adds roughly $7–8/bbl to Brent.