AI chips and server production/delivery take only 3-6 months;

However, high-voltage power equipment and liquid cooling/refrigeration equipment involve a full process including production, transportation, installation, pressure testing, and grid/energy-saving acceptance, which easily takes at least 3 years to start.

Even if companies hoard large amounts of the most advanced GPUs, as long as grid expansion and refrigeration network renovations are not completed, the server racks can only sit empty in idle rooms. The huge hardware assets continue to depreciate and tie up cash flow, generating no revenue whatsoever.