The AI Trade Everyone Is In ... Is Capped. Here's What Won't Be Soon

Nvidia can only sell what TSMC can build. OpenAI can only ship what compute allows. Even the power grid is a constraint. I walk through why every AI winner so far has been supply-limited, why Jevons Paradox means removing those limits won't slow spending, and where the uncapped Phase Two opportunity emerges. Plus the inference flip data from this week's article.