Dylan argues that even if AI progress continues at apace and generates lots of revenue, the semiconductor industry will not be able to keep up with the labs’ current 3xing+ of compute (in watts) year over year. By the end of the decade, you end up bottlenecked on wafer fab equipment - things like ASML’s EUV machines. This may be true. I just find it crazy that we'd be in a situation where a few billion in fab capex could generate hundreds of billions of end token revenue (so the semi + AI…