the question is: who will rise in the ashes of the bust, in a world of abundant compute availability and an upgraded power system?

Do we have an upgraded power system? I'm all for reforming our electrical infrastructure, but what I'm hearing is that we've got creaking infrastructure and the "supplement" is huge generators towed outside the datacenter...

gigantic order books for gas turbines and power grid infra, unless projects get cancelled, massive additional capacity is coming, yes.