An Austro-Hungarian dreadnought lead in 1904

What if the Austro-Hungarian Navy had been eight years ahead in 1904?

It would gain an early dreadnought advantage, alarm Italy, and become a more important naval partner to Germany.

Moving Austria-Hungary's 1912 naval capabilities back to 1904 would give it some of the first dreadnoughts in service. Italy would respond by accelerating its own construction. Austria-Hungary would also become a much stronger partner in its relationship with Germany. The prediction still leaves German pride as an obstacle to a more equal alliance.