The debate over the AI data center buildout has been about whether OpenAI, Anthropic, and Oracle can generate enough revenue to justify what they are building.

The debate over the AI data center buildout has been about whether OpenAI, Anthropic, and Oracle can generate enough revenue to justify what they are building. That is the wrong question. The right one is what a stockpile of general-purpose GPUs is worth if one island stops shipping chips.