AI and crypto are still being analyzed as technology stories. Chips, models, hash rates, capital raises. That framing is already outdated. At this stage of the cycle, growth is no longer decided by demand or funding. It is decided by power. Not theoretical power. Not future contracts. Existing, usable electricity that can support a continuous load. That is the asset hyperscalers are quietly competing for, and it is where expansion is actually happening. Companies that already have access to it within live facilities can move. Those that do not…