Take care, here.
The dominant frontier models have high demand.
What we’re seeing are companies that “asipired” to greatness, bought the compute to support… and then have no demand because everyone wants to use Anthropic or Open AI.
Winners win most is what is developing here. There is excess compute for all inferior solutions. I suspect we will continue to see bare capacity (like the hyperscaler wannabe’s -NBIS and for those who have no way to leverage that infrastructure for profit - META, SPCX, etc.) sold to the winners to monetize.