The AI power buildout runs on two parallel chains and one overlay. Power chain: five stages from generator (P1) to transistor (P5). Heat chain: four stages from die (H1) to atmosphere (H4). AC-to-DC overlay across P3-P5. Cross-cutting layers for storage-and-decoupling and control-and-orchestration.
Solid-state transformers moved from academic research to commercial category in 2026. Two demand drivers created the opening: Nvidia 800V DC AI factory pull (MGX 800V racks H2 2026; native 2027) and constrained conventional MV transformer supply (48-60+ month lead times reported). Primary spotlight
Capex per dollar of revenue growth, incremental vs average unit economics, three downside scenarios, compound stress, and the refinancing risk on 2020-2022 vintage debt.
ADI acquired Empower Semiconductor for $1.5B in July 2026. The deep-dive: what the acquisition actually buys (ECAP silicon capacitors, FinFast IVR platform, Crescendo kilowatt-class vertical power delivery), the four-way on-package contest with Ferric, PowerLattice, and Vicor, the Marvell PIVR ecos
The workstream testing whether reported financials describe the underlying business. Add-back discipline, dynamic working capital modelling, and the OEM balance-sheet financing that CIMs under-disclose.
Capacity vs demand, yield analysis, IP audit across four categories, and tier 1/tier 2 supply chain audit. Where technical DD tests the product, this workstream tests the business making it.
The fourteen workstreams inverted for the target. Not a data-room checklist — a seller-side self-diligence and buyer-simulation system. Run the buyer's questions on yourself before the buyer asks. Includes the CIM Claim Register, five-part remediation taxonomy, and DD-ready test.
The interrogation layer of the DD framework. Not a checklist. 250 candidate questions organised by workstream and AI Power Chain layer, designed to branch as findings emerge. WS01 activates the right subset. Includes the Killer 42.
The Investment Layer scorecard flagged single-tenant concentration risk on the Oracle-OpenAI structure pre-close. In March 2026 that exact risk materialised. Oracle and OpenAI dropped the expansion; Microsoft stepped in to lease the dropped capacity. RESTRUCTURE, with realized-prediction validation.
The wired-recourse mechanic in market-tested form. High uncontracted principal at maturity, but CoreWeave's parent guarantee absorbs at Ba2/BB+ corporate credit. AMBER on the framework's 2x2, not RED. The distinction most credit coverage misses.
Walking the September 2024 Blackstone + CPP acquisition of AirTrunk through both AI infrastructure scorecards. LOW physical + LOW thesis + GREEN veto = UNDERWRITE (Premier). The calibration anchor for what a clean deal scores on the framework.
Three tests: current product against customer specs, roadmap credibility by evidence tier, differentiation audit against decision thresholds. Plus bench work priorities per layer.