The bear case is something like “investors are going to call BS on multi-billion training DC investments”. That represents most of their short-run demand.
Not sure what is supposed to happen to the inference demand but I guess that could be modeled as more of a long-run thing, as inference is going to be very coin-operated (companies need it to be net profitable now) whereas training is more of a build now profit later game.
Not sure what is supposed to happen to the inference demand but I guess that could be modeled as more of a long-run thing, as inference is going to be very coin-operated (companies need it to be net profitable now) whereas training is more of a build now profit later game.