Skip to content
Normalised Alpha
Research Frameworks Tools Adi Index Advisory About
Normalised Alpha / The Investment Layer
The Investment Layer

The coverage asymmetry

13 August 2026 · 20 min read · Updated 6 Oct 2026
The coverage asymmetry
On this page

    This post is for subscribers only

    Subscribe now

    Already have an account? Sign in

    Continue reading · free with your email

    The rest of the essay is one click away.

    Add your email to keep reading — and to get every new essay in your inbox as it publishes. Roughly the essays a week on AI infrastructure, data centre power, cooling, and industrial technology. No fluff. Unsubscribe anytime.

    Already a subscriber? Sign in.

    Share on LinkedIn Respond via email

    More on

    Sovereign capital and industrial policy

    17 Aug 2026 · 24 min read

    The three downside cases

    16 Aug 2026 · 20 min read

    Underwriting AI infrastructure debt

    15 Aug 2026 · 20 min read
    ← Previous
    The build-to-lease flip
    Next →
    The PE playbook, layer by layer
    Continue reading
    The AI Power Chain
    essays + companions · the physical infrastructure of AI compute
    The Investment Layer
    essays · how the AI buildout is financed
    Due Diligence for the AI Buildout
    essays + supplements · how to run DD for AI infrastructure and industrial technology deals
    Adi Kumar

    Executive with 20+ years in AI data centre power, industrial technology, automation and control, and energy infrastructure. Prior operating roles at Eaton, Honeywell, Cisco, and BCG among others.

    Advisory · How I work →
    Frameworks
    • The AI Power Chain
    • The Investment Layer
    • Due Diligence Framework
    • Grid-to-Chip
    Series
    • The DC-DC Transition
    • Thermal Management
    • The Regulatory Layer
    • Financing the AI Buildout
    • Tech Spotlights
    • Case Studies
    • Deal Tear-Down + Watch
    • What Changed (monthly recap)
    Reference & Tools
    • Knowledge Base
    • Adi's Theses
    • Glossary
    • Vendor Screen
    • Question Banks
    • DD Evidence Matrix
    • Investment Scorecard
    • Investment Workbench
    Engage
    • Advisory
    • About
    • adi@adikumar.co
    • LinkedIn
    • X (@NormalisedAlpha)
    © 2026 Adi Kumar. All rights reserved. All content on this site — including essays, analysis, frameworks, charts, models, code, visualisations, and interactive tools — is the copyrighted work of Adi Kumar. No part may be reproduced, distributed, transmitted, republished, syndicated, adapted, translated, stored in a retrieval system, quoted at length, incorporated into commercial products or reports, or used to train machine-learning or artificial-intelligence models — in whole or in part, in any form or by any means — without the prior express written permission of the author. Brief quotations of up to 100 words with clear attribution and a direct link to the source page are permitted under fair use. All other uses require written consent: adi@adikumar.co.
    Written by Adi Kumar · Privacy