More countries and institutions are starting to care about where compute lives, who controls it, and how dependent they want to be on a small number of suppliers. Signal #41

TopCat AI Signal Report #41 - The main story today is not that AI is growing. The main story is that AI is running into real-world capacity constraints.That means data-center demand, energy use, chip supply, and infrastructure buildout are no longer background issues. They are now central to the AI investment thesis.This matters because many companies are still planning as if AI scaling is mainly a question of software deployment. It is not. At scale, AI is a capital-intensive system. The cost curve is shaped by compute, electricity, cooling, networking, and supply chain access.That changes how leaders should think about AI strategy. It is no longer enough to ask what the model can do. The question now is whether the business can support the scale it wants without running into cost pressure or infrastructure bottlenecks.That is the shift.