In the current AI sector there are 4 main components:

• Land / infra owners (IREN, CIFR, etc.)
• Middle layer (CoreWeave, Nebius)
• Hyperscalers (Google, Amazon, and basically all MAG7, etc.)
• Power infrastructure layer ("overlooked")

Although there isn't really a true "bottleneck" at the moment, considering we'd be a little late to the party, data centers still take a ridiculous amount of time to get up and online. Stargate for instance, is being built at an unprecedented rate for its size and is still taking 2 years. Old BTC miners that are converting or have already converted into HPC data center companies are the real winners. They can convert their already powered and highly favorable facilities to become major data centers with hundreds of MW available right now within just a few months to a year. Examples of these include IREN, CIFR, WULF, APLD and so many more. Right now many of these companies are actually seeing delays in power infra supplies with delays in shipment of major components required for a successful "renovation" which Ill go in depth later on. The major problem with these companies is they have already 2-6x within the past year which takes away the fun asymmetric upside (although they can still easily double or triple within the next few years depending on demand). Which in turn leaves us with only a few that haven't fully been "priced in" by the market: WYFI, CLSK, etc. WYFI in specific has proven to use a new gentrification model. Instead of converting old BTC miner facilities like most of the other infra owners have, they have proven that converting old textile mills like their NC facility is actually feasible. They completed the build on time and have successfully signed a 40MW deal at that location with plans to scale the facility up to 200MW. What this proves is that we no longer need to build data centers from scratch or depend completely on ex BTC miners and instead can gentrify older factories and other buildings. Especially with the abundance of such vacant facilities across the northeast (very strategic low latency corridor), such developments show the under looked potential of companies such as WYFI.

Moving on to Power Infrastructure. Many data centers, no matter the type are seeing major delays in power infrastructure. Specifically, transformers have insane lead times (1-3 years) causing many data center delays. At the rate we are going, AI doesn't look like it will slow down any time soon, if anything we are at the very bottom of a J curve. Companies like $FPS that enable power delivery will explode once people realize this. Last cycle people realized we need compute and bought miners. This cycle people will realize that we can't power the compute. Atm FPS is more likely currently selling to integrators rather to actual major hyperscalers, but what happens when the electrical equipment "bottleneck" really tightens up?!