Dazi AI Watch 012: From “Franchise Rights” to “Execution Rights” — Who Can Really Turn Power into Compute?

pisode 012 continues the long-term AI cycle series.If Episode 011 was about franchise rights — who gets access to the scarce physical bottlenecks of the AI era — then Episode 012 is about execution rights:Who can actually turn those resources into real compute?Why does having power not necessarily mean having AI capacity?Why are some companies still bleeding despite standing near the AI table?And why is the next stage of the cycle increasingly about delivery, utilization, and cash-flow conversion?Price is only the result. Variables determine the stage.Don’t predict price. Observe the cycle.