> AI compute hardware is not a commodity. And in a shortage, commodities can command high margins.

I don't see the distinction you're drawing about "commodity", but I'm happy to be wrong on that. My point was that spaceX's ai division is buying all their inputs from external vendors and can't meaningfully differentiate themselves from person Y who buys all the same hardware except for the fact they bought them first. Which...

> Correct. But charging people now generates incumbency advantages

I don't see now this is an "incumbency advantage". There's nothing that sticks their clients to stay there and sign up for the next data center.