Compute is physical

The abstraction has a footprint

Models and software matter, but neither runs without a physical delivery system. At scale, reliable compute depends on electrical supply, transmission, cooling, land, equipment, construction, financing, regulation, and people able to operate the whole stack.

A weakness in any one layer can become the binding constraint. More chips can expose a power limit; more power can expose a grid or cooling limit; more capital can expose permitting or delivery risk.

Capacity is the measure

An announcement describes intent. Operating capacity requires every interface to work repeatedly over time. That distinction matters in AI strategy, energy strategy, and any attempt to connect the two.