AI suppliers and data-center builders report demand that continues to outstrip capacity, even as investors whipsaw chip stocks over concerns about overbuild. Industry executives told CNBC they see little evidence of slackening appetite for compute, with Pat Gelsinger calling AI demand “almost unlimited,” constrained chiefly by energy availability. Suppliers from photonics maker Lumentum—sold out for years—to startups like Cerebras and South Korea’s Rebellions cited persistent backlogs and scarce inputs.
Market jitters followed Meta and Elon Musk’s xAI offering surplus compute and Samsung’s profit surge alongside a share pullback, testing a rally that has priced in a multi-year AI buildout. Inside the enterprise, the pendulum is swinging from “tokenmaxxing” to “valuemaxxing,” as CFOs scrutinize costs and match workloads to the right models—frontier systems for advanced tasks and cheaper open-source models for routine work. Executives argue that rationalized spending will channel adoption rather than curb it, keeping demand for compute, data centers, and power infrastructure elevated.
AI leaders say demand is near-limitless even as chip stocks gyrate
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