Centralized AI Capacity, Power Policy and Infrastructure Finance Raise DePIN Competition Risk

Nebius, CoreWeave, Vultr and other centralized providers continue locking up accelerators through contracted capacity, while the Duos GPU-as-a-Service sale to Axe Compute reportedly involved a $42.9 million payment stream and removed roughly $98.1 million of prospective financing. AMD's planned supply increase is directionally relevant but lacks production and rental-market detail; power, permitting and grid access remain strategic constraints.