Compute is electricity, not oil
AI compute efficiency keeps improving and lacks moats, so it will become a cheap commodity utility with thin margins rather than a scarce resource.
Hardware, not power, dominates cost
Back-of-envelope math on colocation suggests hardware costs far exceed electricity, and cloud providers historically keep healthy margins, undercutting the commodity-utility prediction.
The 'new oil' cliché is tired
Commenters note big data, crypto and NFTs were all called the new oil, and joke that AI shares oil's pollution, corruption and regulatory capture instead.