- Essays··7 min read
Short of Space or Power
Microsoft is sitting on roughly $80 billion of Azure orders it cannot fill — not for lack of demand, and not for lack of chips, but for lack of power. The binding constraint on AI has quietly moved from the fab to the substation, and the hyperscalers' answer — become your own utility — is rational for them and corrosive for everyone else standing in the same interconnection queue.
ai-infrastructuredata-centresenergyhyperscalersRead - Essays··13 min read
Sunday Essay — The Substrate Bill Comes Due
For a decade the AI conversation was about the model; the substrate was a logistics problem handed to the cloud team. The last six weeks changed that — a rack that draws a quarter-megawatt, memory sold out before the GPU ships, grid connections you cannot procure inside an investment horizon, and an interconnect that quietly became a vendor product again. The bill has come due.
ai-infrastructuredata-centersnvidiapower-and-coolingRead - Essays··7 min read
2.5 billion gallons — and the number Amazon still won't print
Amazon finally printed its water number — 2.5 billion gallons. But read the boundary before you read the figure: the water that matters most is the water nobody puts in the press release.
data-centre-watercorporate-disclosureai-infrastructuresustainability-accountingRead - Essays··8 min read
Brussels finally wrote sovereignty into a statute. The graveyard it's walking into is well-marked.
Brussels has finally written sovereignty into binding law, and the top rungs of CADA's ladder are built so a US-domiciled parent cannot reach them. On the law, I'd take the over. On the timeline, I'd take the under — heavily.
digital-sovereigntycloud-acteu-regulationhyperscalersRead - Essays··7 min read
Copper ran out of road, and nvidia just bought the on-ramp to what's next
Two press releases, forty-eight hours apart, told you more about the next decade of AI infrastructure than any keynote. Copper ran out of road, and NVIDIA just bought the on-ramp to what comes next.
ai-infrastructureco-packaged-opticsnvlink-fusioninterconnectRead - Essays··8 min read
three acts, one substation: Brussels just promised to triple Europe's datacentres
Brussels promised to triple Europe's datacentres in five-to-seven years. The tripling target is not a capacity problem dressed as a policy problem — it's a power problem dressed as a permitting problem, and the substation queue will decide whether any of it ships.
eu-tech-sovereigntydatacentre-capacitygrid-powerai-infrastructureRead - Essays··7 min read
Brussels wants to triple data centre capacity and asked you to switch off the dishwasher — on the same afternoon
Brussels filed two plans on the same afternoon that quietly cancel each other out: triple the data centres, and please switch off the dishwasher. It's a demand-management answer to a supply problem, dressed as industrial strategy.
data-centreseu-policygrid-capacityai-infrastructureRead - Essays··7 min read
Hedge Funds Are AI'maxxing — and the Exit Door Is Getting Narrower
1,059 hedge funds have made a record, leveraged, one-directional bet on AI semiconductors. The underlying thesis is probably correct. But 'probably correct thesis' and 'good risk-adjusted trade at current positioning' are not the same sentence.
hedge-fund-crowdingai-infrastructuresemiconductor-concentrationleverage-riskRead