The series
Long-form work read sequentially. Each series builds an argument across multiple essays.
These are the eight sequential series on this site. Read them in order for the full argument, or use Topics to jump into specific areas curated across series. New series added roughly monthly.
Currently publishing
The ten regulatory workstreams determining whether AI infrastructure capex gets delivered on time. FERC + ISO reform, state PUCs, EPA, local zoning, CFIUS + international FDI, export controls, EU compliance stack, NEC/UL/NFPA, labour + immigration. Each can be a project killer; best operators treat all ten as Stage-1 architecture inputs.
Retrospective analysis of consequential AI infrastructure transactions and decisions. Blackstone/QTS, Microsoft/Constellation TMI, Amazon/Talen FERC rejection, CoreWeave post-IPO, Iron Mountain pivot, Digital Realty/Teraco, FTC/Nvidia-ARM, CMA UK cloud investigation. Each with retrospective scorecard and transferable lessons.
Specific companies and technologies reshaping AI infrastructure. Vicor factorized power, Menlo Micro SSCBs, Skeleton HSCs, Navitas/EPC GaN, Wolfspeed SiC retrospective, CoolIT + Submer cooling, Kairos + X-energy SMRs, Fervo geothermal, Bloom SOFC, Cerebras + Groq compute, specialised GPU cloud, Ayar Labs/Lightmatter CPO, Compass + Vantage modular.
Foundational series
The transition from 48V AC-DC to 800V DC distribution for AI infrastructure. Historical 48V, why 800V now, arc behaviour + protection, grounding + fault detection, battery + UPS restructure, retrofit vs greenfield, cooling co-emergence, power quality + grid interaction, standards convergence (OCP + IEC + NEC + IEEE), vendor economics, commissioning + skills, ten-year installed-base view.
Competitive framework across the AI-infrastructure power stack: capacitors (hybrid supercapacitors), wide-bandgap semiconductors (SiC + GaN), thermal (liquid cooling), interconnect, on-package delivery, modular datacentre. Each layer with vendor screen, TAM analysis, and design-win dynamics.
Capital flows and structures underwriting AI infrastructure. Hyperscaler capex, PE infrastructure vehicles, ratebase economics, contract-collateralised debt, sovereign wealth, cross-border structuring, exit optionality. Approximately $500B-1T of committed capital analyzed across the eight essays.
Full DD methodology for AI infrastructure transactions. Scoping, team + timeline, market DD, customer/pricing DD, product architecture, manufacturing + supply chain, QoE + working capital, capex + growth economics, org + personnel, legal, regulatory + ESG + cyber, deal structure, financing, post-close validation. Plus three supplements including a full Eaton/Boyd worked example.
Recurring formats
Deep architectural analysis of specific AI infrastructure transactions as they are announced. Format: deal structure, valuation logic, comparable analysis, red flags, transferable lessons.
Analysis of the transaction pipeline as it develops. Preliminary reads on announced or emerging deals before full teardowns.
One-page recap of the month in AI infrastructure. What moved, what the market is getting wrong. Feeds the Living Indexes (once launched) and provides regular structured coverage across NVIDIA, OCP, hyperscalers, and power equipment.