toggle the loop's terminal outcome
revenue breakeven financing stress capex guidance power supply signals: revenue converging · power available · financing calm · guidance steady signals: revenue gap · financing stress · capex cut · power constrained 1 Hyperscaler capex committed up front 2 Capital to compute semis · chip orders scale 3 Power / energy the binding gate open shut 4 AI revenue accrues loop validates gap vs break-even monetization loop 5 break-even math revenue must converge 6 Revenue gap persists vs break-even Financing stress private AI layer Capex cuts guidance revised capex cut throttles the loop