2 items
Hyperscaler capex grew 190% from 2024 to 2026; their hardware suppliers grew 45%. That gap is why every throttling notice, plan change, and Sora shutdown traces back to the same constraint. The less-discussed dimension: agentic systems need 1 CPU per GPU versus 1:12 for chatbots, which is why Intel has doubled in six months and why every agent platform deck needs a CPU supply slide.
Britain built the world's most productive dairy herd: 2x output per cow since the 1970s via AI, robotic milkers, and precision breeding. Output hit 13 billion litres, up 5% year-on-year, but there aren't enough processing plants to convert the surplus into butter, cheese, or powder. Prices dropped 17% since September; farmers are selling below cost. Productivity outrunning infrastructure is a capital allocation failure, and it plays out the same way wherever production capability advances faster than the downstream system built to capture its value.
