What Changed Issue 01. A one-page monthly recap on AI infrastructure power. What NVIDIA, OCP, hyperscalers, and power equipment vendors did in July 2026, what the market is getting wrong, and what to watch over the next six months.
Scoping decides what to test. Execution decides whether the tests get run with signal or noise. Team composition, workstream sequencing, and data room engagement.
A chip vendor guaranteeing $105B of a customer's lease and power obligations, taking a $1.5B direct equity investment in the project SPV, and standing behind a $4.2B utility grid partnership. Operational DD lens on the NVIDIA-OpenAI PORTS-Pike deal.
Partners Group exits atNorth. CPP takes 60 percent, Equinix takes 40 percent as strategic operator. Commercial DD scoping applied to a joint sponsor-plus-strategic acquisition of Nordic data centre capacity.
Most of what determines whether DD creates or destroys value happens before the data room opens. What to examine, at what depth, against what walk-away criteria, with what pre-committed authority.
Eight sovereign capital pools, twelve national industrial policy programmes, and how the landscape reshapes over the next 24 months. Part VIII of The Investment Layer.
Three distinct scenarios in which the AI infrastructure investment map compresses, with transmission mechanisms, asset exposures, and signals to watch. Part VII of The Investment Layer.
The structures, spreads, covenants and rating criteria that determine how $200+ billion of AI infrastructure debt gets priced, and where the underwriting is soft. Part VI of The Investment Layer.
Five recognisable PE playbooks across the six AI infrastructure layers, their return profiles, and the three platform theses being constructed. Part V of The Investment Layer.
Where equity research concentrates, where it misses the material stories, and what the coverage gap tells you about where mispricing sits. Part IV of The Investment Layer.
Hyperscalers moved from majority-owned to majority-leased over seven years. The developer stack that made it possible, and where the return arithmetic breaks. Part III of The Investment Layer.
Every material deal 2023-2026 across the layers of AI infrastructure, four through-lines that describe them, and fifteen forward candidates by name. Part II of The Investment Layer.