“Especially because of the speed at which chips like GPUs (a key component of that infrastructure) depreciate, it may be that the real winner is whichever country doesn’t overextend itself to the point of financial ruin, in a foolish effort to win a race that can’t be won.”

For all the first mover advantage people talk about, it seems like it’s the countries that don’t spend too much on gen 1 infrastructure and can invest in gen 2+ infrastructure that do the best.