Dazi AI Watch 011: The Endgame of Compute Is a Franchise Right

While the market is still focused on next-generation chips, model benchmarks, and falling token costs, the next decisive AI bottlenecks are shifting from silicon to power grids, nuclear supply, interconnection approvals, and sovereign access. This episode explores why the AI buildout is starting to look less like a software race and more like an infrastructure regime shaped by energy, regulation, and local control — and why what becomes scarce in the next phase is not just more compute, but the right to expand it.Price is the result. Variables define the stage. Don’t predict price. Observe the cycle.