Bottleneck file
Power and thermal
Compute capacity is only useful when power delivery, cooling, and systems integration can support it.
Control questions
What the diligence has to answer
- Is the constraint semiconductor or infrastructure?
- Which commitments are cloud rather than manufacturing?
- Who owns the downstream asset?
- How is category mixing prevented?
Governed evidence
Current claim set
Meta described AI infrastructure spending of up to $145 billion in 2026 and a large custom-silicon deployment.
Registry exception. The supplied registry labels this claim Corroborated but provides one source. Independent corroboration remains pending; the original state is preserved rather than silently rewritten.
Caveat. Refresh with company filings and earnings releases.
Open source
The strongest semiconductor businesses own the bottleneck, finance it, or control it through contracts that survive scarcity.
Caveat. Editorial synthesis, not a quoted fact.