A datacenter in Dallas or northern Virginia is powered overwhelmingly by domestic natural gas, wind, solar, and nuclear, none of which have meaningful exposure to Strait of Hormuz oil flows. The transmission mechanism from a tanker blockade in the Persian Gulf to a GPU cluster in Texas is real, but it’s indirect and bounded. It runs through global commodity sentiment, through LNG export arbitrage at the margins, and through the general inflationary impulse. It does not run through the power socket.