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There is a big difference in compute requirements between EU and US.

EU needs to meet their own demand, the US wants to be the global provider.

No, I think most of the recent huge datacenter buildups are for US AI efforts only in the AI arms race, not to be rented out.

What is the AI arms reace to you?

Isn't it to be the globally dominant provider of such a service? Everything else is in service of that goal.

We're still deep in the research and exploration phase, who knows what will huge oodles of compute be useful for in the end? Maybe it will end up being used by the owning corporation or local nation state, against similar amount of compute wielded by another corporation or nation state.

After all, what else than governments and corporations will be left after the rest of us poors will inevitably be priced out of the economy?

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