One thing that's not super obvious, but is happening - 'AI' is increasing demand for 'normal' (e.g cpu) compute. People are building more apps because the cost of software has reduced, these need deploying somewhere. More commits == more CI runs, then there's then the 'agent' usage, things like openclaw instances etc. Just because they are expanding, it might not mean they're betting the house on more GPUs (though likely a part of it)