The AI Bottleneck Trap — Closelook Heresy IX

Why the company solving today's bottleneck is almost never the one to hold through tomorrow — and why a handful of them are the exception that proves it.

Heresy IX cover art: two ice cubes on a dark circuit-board surface — the left cube melting into a warm amber puddle (the terminal relay, a solved constraint liquidating its own premium), the right cube refreezing in cold electric-blue energy (the recurring relay, re-frozen by the next NVIDIA generation).

Most picks-and-shovels in the AI build-out are mel…