The megawatts that have become the real constraint.
AI capacity is now planned in megawatts before it is planned in chips: a single large training campus can draw as much electricity as a small city.
Grid connection queues, transformer lead times and local generation have replaced chip supply as the slowest step in bringing new capacity online.
This is why AI announcements increasingly come with a power story attached — nuclear offtake agreements, gas turbines on site, or siting near cheap hydro.