Crusoe CEO: Why Everyone Gets GPU Depreciation & AI Energy Costs Wrong

AI infrastructure requires a decentralized approach, prioritizing locations with abundant, low-cost energy rather than traditional centralized hubs. Chase Lochmiller, CEO of Crusoe Energy, argues that vertical integration—manufacturing internal electrical components and managing energy resources—is essential to navigating the "whack-a-mole" supply chain bottlenecks currently plaguing the industry. Contrary to common narratives, data centers often lower local energy costs and utilize closed-loop cooling systems that minimize water consumption. Success in this sector demands a "mountaineer" mindset, emphasizing resilience, safety, and rigorous contingency planning. As AI shifts toward an era of inference and agent-based utility, the most successful firms will act as "AI supermajors," managing the entire value chain from energy production to token delivery, thereby maintaining profitability despite commodity price fluctuations in compute capacity.