Yesterday we talked about Wall Street turning AI infrastructure into an asset class.
This morning, something else jumps out.
EVERY MARKET IS TRYING TO SOLVE A BOTTLENECK.
Bitcoin's bottleneck was $85,000.
Friday morning, it finally broke through.
The AI industry's bottleneck was financing billions of dollars of rapidly depreciating hardware.
Amazon's answer may be to take $8 billion worth of GPUs, put them in a separate financial vehicle and let investors own them.
Energy's bottleneck was crude supply.
Now crude is flowing better, and the pressure has moved downstream into diesel and refining capacity.
And there's another bottleneck emerging that may become one of the biggest stories of 2027.
People.
More than 100 data-center moratoriums are reportedly being considered around America.
That's remarkable.
We spend enormous amounts of time asking whether America can manufacture enough chips, build enough power plants and finance enough data centers to win the AI race.
We don't spend nearly enough time asking whether communities actually want those data centers in their backyard.
Amazon apparently understands the problem.
That's why a technology company preparing to spend staggering amounts on AI infrastructure is also committing another $1 billion to the towns hosting it.
The next phase of this boom isn't simply about whether something can be built.
It's about whether it can be financed.
Whether it can get electricity.
Whether the supply chain can support it.
And increasingly:
Whether somebody will let you build it.
That is a very different AI story.
And it may become one of the most important ones.