[DC] What Changed in AI Infra — Week 2026-W17

- **Google commits $40B to Anthropic** – Signals hyperscaler willingness to absorb extreme compute guarantees; second-order: entrenches Anthropic as top-tier GPU consumer, pressures other labs to secure similar multi-year capacity. - **Maine passes first US statewide AI data center moratorium** – Regulatory risk crystallizes; expect copycat bills in power-constrained states (VA, CA, IL), delaying new builds and raising land/premium power costs. - **AI chip capacity crisis: 10GW gap through 2030, prices up double digits** – Supply constraint now explicitly quantified; forces hyperscalers into hybrid strategies (self-design + external nodes) and accelerates 3nm/2nm transition to boost per-watt density. - **UALink 2.0 spec finalized; Foxconn to mass-produce 10K+ CPO optical switches in Q3 2026** – Open interconnect alternative to NVLink gains traction; combined with silicon photonics roadmap, disaggregated GPU pools become viable, lowering lock-in for smaller operators. - **Anthropic signs $100B+ 5GW AWS deal; CoreWeave & Google raise $6.7B junk bonds** – Debt markets now primary financing vehicle for AI infra; risk of over-leverage if utilization dips below 60%, but tight supply keeps pricing power with operators.