This is the most important signal in the market right now.
For twenty years, Silicon Valley convinced the world that 'Software eats the world.' They were wrong. Physics eats software.
We are exiting the era of infinite, cheap compute and entering the era of 'Kinetic Constraints.' The bottleneck isn't code; it's voltage, cooling, and sovereign land.
If you are betting on AI but ignoring the gigawatts required to run it, you aren't investing. You are hallucinating.
Exceptional synthesis of Q4's strategic realignment. The power-as-moat thesis is the most underappreciated shift here, particularly the NextEra-Google codevlopment model which flips utilities from commodity suppliers to equity partners. I worked on datacenter site selection in 2023 and the difference between then and now is wild, land without guaranteed gigawatt access might as well be worthless. The sovereign angle getting less attention though is Gulf capital not just funding but architecting global compute topology.
This is the most important signal in the market right now.
For twenty years, Silicon Valley convinced the world that 'Software eats the world.' They were wrong. Physics eats software.
We are exiting the era of infinite, cheap compute and entering the era of 'Kinetic Constraints.' The bottleneck isn't code; it's voltage, cooling, and sovereign land.
If you are betting on AI but ignoring the gigawatts required to run it, you aren't investing. You are hallucinating.
Excellent work tracking the plumbing
The more than $300 billion invested in AI and data centers bring some energy problems.
Someone will have to start producing at least twice as much energy as they do now.
Exceptional synthesis of Q4's strategic realignment. The power-as-moat thesis is the most underappreciated shift here, particularly the NextEra-Google codevlopment model which flips utilities from commodity suppliers to equity partners. I worked on datacenter site selection in 2023 and the difference between then and now is wild, land without guaranteed gigawatt access might as well be worthless. The sovereign angle getting less attention though is Gulf capital not just funding but architecting global compute topology.