AI’s next bottleneck isn’t chips. It’s the town hall.
26 US data-center projects were blocked in Q1 2026—nearly as many as the 31 blocked during all of last year. And the resistance is accelerating: • 166 projects faced local opposition • 49 additional projects were delayed • Roughly $130 billion of AI infrastructure is now stalled Markets focus on GPUs, electricity and financing. But the real constraint may be community approval. Noise. Water consumption. Electricity demand. Land use. Local disruption. The AI buildout may be global in ambition—but every data center must still win approval locally. Any forecast assuming a smooth infrastructure ramp may be far too optimistic. Source: Kurt S. Altrichter, CRPS®
AI prices have plunged as much in 3 years as PC prices did in 15
Source: Barchart
Uber is cutting 3,300 jobs, about 10% of its global workforce, in a massive restructuring.
Management ranks will shrink by 20%, and remote work will be cut down to just 1% of the workforce going forward. CEO Dara Khosrowshahi says years of growth added "more layers, more coordination" that no longer make sense at Uber's current scale. This is Uber's third round of cuts this year, after a 23% reduction in its HR division in June and a 10% cut to customer service roles in July, both tied to AI adoption. Despite the cuts, Uber jumped 2.4% today in premarket as investors welcome the leaner structure. Source: Bull Theory
Broadcom’s transformation is wild.
$AVGO quarterly revenue: 2019 → ~$6B Today → ~$30B VMware added a new engine. AI sent semiconductors soaring. Source: App Economy Insights
Memory prices have surged as AI datacenters demand a growing share of the world's DRAM supply.
Source: Hedgeye
If today’s crash in AI infrastructure stocks has you worried, zoom out.
Token demand just doubled in a single month. And every additional token requires more: • GPUs • Memory • Interconnects • Power The internet took roughly a decade to reach mainstream adoption. AI usage is now doubling in just four weeks. Source: Michael Sikand
Of course, there are many questions on whether these earnings are sustainable, circular financing, China competition, etc...
But for now, this bubble looks different than the dot-com one Source: Pictet Asset Management, Refinitiv
$DELL ON AI INFERENCE DEMAND:
“Inference has passed training and is pure demand on our industry” Dell expects inference token demand to grow 87x to 3,600 quadrillion tokens by 2030, while training demand grows 5x “Enterprise agentic to be the single largest workload by 2028” Source. Wall St Engine
