If the hyperscalers demand is persistent, more hardware players will notice and will want a piece of the pie. You already see non traditional players entering.

If the hyperscalers demand is persistent, more hardware players will notice and will want a piece of the pie. You already see non traditional players entering. But what you see is a cautious strategy from the existing players. They are hedging against a bubble. They don’t want to pour today tens of billions of dollars in capacity that they will have to sell it to a deflated market