Unsupervised Learning · 3 min · Nov 2, 2026

Execution capacity is the bottleneck across AI infrastructure

DSDanila Shtan · CTO, Nebius

Danila Shtan says GPUs, power, facilities and components are all constrained, so execution—not any single input—is the bottleneck.

In this episode

39:13 Chip scarcity gave AI clouds room to competePro pick 5 min
25:05 Open-model inference still has major room to improvePro pick 3 min
53:19 Nebius lets engineers use AI but keeps accountability human3 min
15:36 AI customers need shared storage built for extreme throughput4 min
10:12 New Nvidia chips require constant iteration before launch5 min
21:47 Prefill/decode disaggregation remains a case-by-case tool3 min
34:25Execution capacity is the bottleneck across AI infrastructure3 min
57:53 Agent reliability may matter more than model size3 min

“an experienced project manager is probably in highest demand I've ever seen throughout my career.”

DSDanila Shtanat 36:34 · Unsupervised Learning

Takeaways

Shortages span GPUs, CPUs, storage, power and facility capacity.
Teams must source, sequence and move infrastructure as plans change.
Experienced project managers coordinate those tradeoffs.

About this segment

Danila Shtan says GPUs, power, facilities and components are all constrained, so execution—not any single input—is the bottleneck. He says experienced project managers are unusually valuable.

DS

Danila Shtan is CTO of Nebius.

Jacob Effron, Host · AI Investor, Redpoint Ventures
Growth investor in Abridge, Ramp and Physical Intelligence; ex-Flatiron Health.

From “The Window Before AWS Wakes Up: Nebius CTO on Racing the Hyperscalers”, Nov 2, 2026. Watch the full episode

Answers “Is there still a GPU shortage?” See all 31 answers

Answers “Is there enough power for AI?” See all 22 answers

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

34:28
Yeah, makes sense. I mean, I guess there's a lot of dialogue around the bottlenecks to the AI buildup today. And I think people talk about a bunch of different ones, you know, whether it's power or the labor to actually make, you know, data centers, cooling, networking, you know, HBM, GPUs, I guess, as overall. Like, how do you think about what the key bottlenecks are today? Or if you were to kind of rank across all of them, the few that feel most poignant right now?
34:54
I'm sorry to disappoint there is one single bottleneck and that's your ability to execute because yes all of those are issues like there are GPU shortage in the market, components shortage nowadays it's CPU shortage in the market, like NVMe shortage in the market there are not enough facilities not enough electricity not enough qualified workforce to help you build it out not enough like small components like network transceivers for example what else is uh not in abundance oh you know like uh those uh large scale uh i'm not sure i like i i know the proper english terminology but like you know those machines that actually convert electricity in place like transformators transformers yeah transformers yeah like do you know the lead times on those these days?
35:54
Ooh, years. So, like, everything is a problem. And I think the... A single bottleneck and at the same time, the single mode that you can impose on that is your ability to execute around all these problems and concerns, your ability to source, your ability to cut corners where appropriate, your ability to execute in general, your ability and flexibility to move stuff between facilities. Okay, we're going to move this one from here to there, and then we're going to move it back.
36:27
Yes, we'll postpone this one, but this means we'll be in time with this one. This is important, et cetera, et cetera, et cetera. So I think that in this particular field, an experienced project manager is probably in highest demand I've ever seen throughout my career. Yeah, I guess the bottleneck is really good project managers. Yeah, exactly. Like, your overall ability to, like, have this large context of, like, problems everywhere in mind and navigate that becomes a mode.