November 11, 2025 05:34 PM GMT AI/Tech Diffusion | North America Powering AI: Bitcoin Conversion Business Models, a US Power Shortage, and the Big Picture In this note, we assess 2 different Bitcoin-to-DC business models, project up to a 20% shortage of US power for data centers through 2028, and also step back to assess 2 big picture dynamics: the non-linear rate of AI improvement and the continued upward growth in compute demand. For analyst certification and other important disclosures, refer to the Disc ...