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  [13] The Next AI Shortage: Transformers [14] Why AI Demand Doesn’t Slow—It Moves   [15] AI Is Rewiring Corporate Capex AI adoption is often described as a software upgrade. In reality, it is something much larger. When companies introduce AI at scale, they are not simply installing a new tool. They are changing the structure of how capital is deployed ...