$965B post-money on $47B run-rate plus 10GW of fresh AWS/Google-Broadcom capacity gives public markets a pure-play way to price frontier compute demand. The crypto read-through is uncomfortable: Core Scientific's 500MW CoreWeave contract was the early tell, and every miner pitching an AI/HPC pivot now has a trillion-dollar demand anchor to point at. AI-agent tokens without real GPU access, power contracts, or distribution look even thinner once Claude Code becomes the liquid benchmark.

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