The Infrastructure Thesis

  I nfrastructure Thesis Series [01] AI Doesn’t Run on Code. It Runs on Electricity [02] The Real AI Bottleneck Isn’t Chips. It’s Power [03] Why Data Centers Are Becoming the New Factories [04] The AI Boom Is an Infrastructure Story [05] NVIDIA Was Phase One. Here’s Phase Two. [06] AI Winners Will Look Like Boring Industrial Stocks [07] The AI Supply Chain Is Longer Than You Think [08]AI Spending Is Shifting Beyond GPUs [09] Computing Is a Deployment Problem [10]Data Centers Are Creating a New Real Estate Cycle  [11] The Quiet Growth Engine: Server Racks and Cooling [12] AI at Scale Is an Energy Story  AI expansion is not abstract. It is physical. Every model trained, every inference processed, runs through racks. Server racks define density. Density defines power draw. Power draw defines heat. Heat defines limits. As AI clusters grow, the question is no longer “How many GPUs?” It becomes “How many kilowatts per rack?” Leg...