Analysis: The AI buildout stopped being a demand story

<p class="P1" data-sourcepos="5:1-5:350;106-455">For three years the constraint on artificial intelligence was how much compute the hyperscalers wanted to buy. The June-quarter filings of seven companies say the constraint has moved. It is now about who sets the price &mdash; and on that question the past five quarters have already taught a lesson from which most readers drew the wrong conclusion.