Meta's OCP Mount Diablo spec commoditises the AI rack integration layer. Nvidia Kyber holds it proprietary. The contest allocates rack-integration margin across the vendor content planes.
Every diligence process generates two things at once. It generates findings, which are what the IC memo talks about. And it generates a paper trail behind those findings, which is what the seller expects you to be able to reconstruct if a claim breaks after close. The trail matters more
The final workstream. 100-day validation testing the DD thesis against operating reality. Six-month retrospective feeding the next transaction's scoping.
How the deal gets paid for, what covenants the financing carries, and what stops closing after signing. Debt sizing, MAC clauses, and refinance stress.
CIM decks describe AI-DC targets by MW nameplate and rack counts. Diligence lawyers find the deal-killers in the workstreams CIMs skip: regulatory approval risk, FDI screening exposure, environmental legacy liability, cyber posture at Day 1 integration.
An investment framework for the reclassification premium between firm AI capacity and firm-plus-flexible AI capacity. Five control models, three monetisation channels, and how time-to-power NPV can outweigh grid-services revenue in queue-constrained regions.
How DD findings translate into the transaction paper. Structure choice, R&W with insurance, escrow with DD-informed carve-outs, earnout mechanics.
Every new power architecture destroys one conversion layer and creates another. The investable question is where the value migrates. SiC + GaN + POL + on-package IVR, mapped to Nvidia's 800V direction of travel.
Efficiency is migrating from ESG preference to procurement constraint. EU EED reporting → rating → minimum standards; Singapore DC-CFA2 allocation gate at PUE ≤ 1.25; US state mosaic (Virginia, Oregon, California). Vendor implications on UPS topology, PDU efficiency, cooling-electrical co-design.
Hall BESS as a distinct asset class. Wholesale grid-services asset deployed inside a data hall. Revenue stack across cost avoidance, ancillary services, capacity, demand response. Vendor set: Tesla Megapack, Fluence, Powin, Sungrow, Wärtsilä. Contract structure is the killer question.
Standalone deep-dive on the lithium UPS battery / BBU. LFP dominant, NMC niche, nickel-zinc pilot cohort. Killer thesis: pricing power migrates from UPS OEM to cell supplier over the decade. Trade-policy overlay (Section 301, 45X FEOC), 800V DC BBU migration, three-tier vendor set.
Fourth stage of Grid-to-Chip. Four vintages: V1 legacy AC, V2 hybrid 800V DC sidecar (H2 2026), V3 row-level 800V DC busway (2027), V4 native 800V DC facility. Killer thesis: the hall-power cycle is a relocation of the power-conversion boundary, not a UPS replacement cycle.