Every valuation in the AI infrastructure trade rests on one quiet assumption: that compute stays scarce enough to keep prices high. That assumption is already showing cracks, and most investors haven't repriced for it.
Gabe Marshank, lead analyst of Market Maven at Stansberry Research, is not an AI skeptic. He uses the technology daily and calls the product brilliant. His argument is narrower and harder to wave off. The technology works. The business model behind the buildout may not. And if he's right, the capital chasing data centers is headed somewhere very different from where the capital chasing power is headed.
