Buy APLD by Jan 13, 2027.

## Part I: The Constraint ### The Bottleneck Has Moved For two years, the constraint on AI scaling was chips. NVIDIA couldn't fabricate H100s fast enough. That constraint is easing. TSMC is building fabs. Blackwell is ramping. Within 2-3 years, chip supply will better match demand. The new constraint is power. Unlike chips, power doesn't respond to capital the same way. A new transmission line takes 5-10 years. A grid interconnection study takes 18-36 months. These timelines aren't about money. …