Analyst sees a long-term Nvidia case if data-center power is constrained

The hosts discussed Ben Thompson’s argument for Nvidia: if data-center construction is limited, operators will need to get the most tokens per watt, increasing the value of more efficient chips. Available power could become the binding constraint; upgrading older chips at already connected sites could make better use of existing power capacity. As relayed by the hosts, Thompson sees Nvidia as a likely short-term loser if fewer data centers are built, but sees a long-term opportunity in improving computing efficiency per unit of power.