The Real Bottleneck Isn't AI Chips. It's Power.
We spent two years worrying about GPU supply. That worry is over, and almost nobody has caught up to what replaced it.
In the premiere episode of wavesession, Jeff and Ilya cut through the noise around AI's future and land on the one constraint nobody's pricing in: energy. Not silicon. Not compute. Power. This conversation makes the case, in detail, for why the grid, not the chip, is now the hard ceiling on how far AI can scale.
The thesis starts with a simple historical pattern: energy intensity has always tracked human prosperity. Jeff and Ilya argue that compute, the ability to deliver…
The skinny
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