xAI's Colossus 2 being described as the first gigawatt datacenter in the world is the detail that matters more than the RL methodology headline. A single facility now draws power comparable to a mid-size city, which means AI capex has quietly become an energy commodity trade wearing a compute costume. The bottleneck stopped being GPU allocation two years ago and became grid interconnect queues, which in most US regions run five to seven years for new gigawatt-scale load. The financing structure is the tell. These buildouts are increasingly funded through debt collateralized against future compute revenue, the same securitization pattern that took down half the bitcoin mining industry in 2022 when hashprice fell faster than debt service schedules. AI compute doesn't have a spot price the way hashrate does, so the mark-to-market risk is currently hidden inside private credit books rather than public miner equities. When that repricing eventually happens, it will look identical to the mining shakeout, just three orders of magnitude larger and with far less price transparency to warn anyone in advance.