The Investment Layer

How the AI buildout is financed

Six pools of capital finance the AI infrastructure buildout: hyperscaler cash flow, REITs, OEM balance sheets, structured debt, sovereign, and PE. Part I of The Investment Layer.

10 August 2026 · 20 min read

The AI Power Chain

Complete · 6 essays + 6 companions

Part 1

The Capacitor Stack: How Energy Storage Became Core Compute Infrastructure

22 Jul 2026 · 50 min read

Part 2

The Wide-Bandgap Stack: Boom, Bust, and the Rebuild of AI's Power Semiconductor Chain

1 Aug 2026 · 58 min read

Part 3

The Thermal Stack: How Heat Became the Binding Constraint on AI Compute

1 Aug 2026 · 52 min read

Part 4

The Interconnect Stack: Transformers, Switchgear and the Grid Equipment That Gates the AI Buildout

1 Aug 2026 · 44 min read

Part 5

The On-Package Delivery Stack: How 48V Becomes 0.8V at 2,250 Amperes

2 Aug 2026 · 38 min read

Part 6

The Modular Datacenter Stack: How the Building Gets Built (When There Aren't Enough Electricians)

2 Aug 2026 · 32 min read

Part 7

The AI Power Chain: Vendor Screen

4 Aug 2026 · 79 min read

Part 8

The Services Inversion

6 Aug 2026 · 33 min read

Technical companions

Companion

The AI Power Chain is a six-part series on the physical infrastructure of AI compute, walking from the medium-voltage utility bus down to the 0.8V transistor gate. Each part has an optional technical companion that walks through the underlying physics and process flows.

The Investment Layer

Publishing daily · 2 of 8 live

Part 1