AI Infrastructure Becomes a Capital-, Power-, Memory-, and Reliability-Constrained Asset Class

AMD's Helios announcement remains a major rack-scale architecture claim—72 MI455X GPUs, up to 31 TB HBM4, UALink, Ethernet scale-out, and claimed 2.9 exaFLOPS—while Hetzner's GEX63 indicates expanding professional GPU supply but lacks enough public detail for assessment. The gap between announced and energized, reliable capacity keeps independent validation of specifications, cooling, networking, utilization, and economics central.