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The great compute grab

A handful of frontier laboratories are on course to become the largest buyers of the world's newest computing capacity. This report follows the money and the megawatts through the whole chain: how much compute exists and who holds it, what it costs to build and run, where the chips come from, how the US and China diverge, who is funding the capital expenditure, and what happens to the price of money when tens of trillions of infrastructure need financing. Every claim carries a source and a confidence rating you can filter and search.