We first heard about it the way everyone hears about it — over drinks, from someone who runs a neocloud. We'll call him James. He was describing his company's GPU allocation from NVIDIA, the deals they were closing, the facilities they were building. And then, almost as an aside, as though he were telling us where he parks at the airport: "Most of these chips end up in China." He said it the way you'd say the sky is blue. Not a confession. Not a whisper. Just the way things are.James was not the...