AI's biggest data center bottleneck has shifted from grid power to rack-level components, where socket wins, scarce suppliers and design-ins determine who captures long-term profits

Bitcoin mining already ran this movie: permissionless hashrate did not decentralize the hardware chokepoint, and Bitmain held 82% of the SHA-256 ASIC market in Cambridge’s June 2024 survey. Akash and io.net can aggregate third-party GPUs, but token incentives cannot manufacture qualified rack systems as Rubin’s power chain moves from 48 V toward NVIDIA’s 800 VDC architecture.

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