• Pantera Capital’s AI compute analysis sees power and GPU shortages sustaining outsized margins for data centers and specialized cloud providers.
• Data centers appear to be under-earning, suggesting uncontracted capacity has the greatest pricing upside while power remains the binding constraint.
• Specialized cloud providers face longer-term margin pressure as GPU availability improves, with low prices and availability outweighing service quality.
• A 40% token price cut would leave standalone inference providers breaking even; vertically integrated hyperscalers would retain 70% incremental EBITDA margins.
• Each gigawatt requires an estimated $41 billion investment, potentially generating $44 billion in annual inference revenue at 60% utilization.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Pantera Capital Management LP published the original content used to generate this news brief on October 23, 2026, and is solely responsible for the information contained therein.