The Infrastructure Thesis

AI systems continue to grow in scale. Models are larger, compute clusters are denser, and data centers are expanding rapidly. As this expansion continues, a physical constraint becomes increasingly important. Heat. Every unit of electricity consumed by a processor eventually becomes heat. As compute density rises, thermal output rises with it. This creates a new engineering challenge. High-performance GPUs generate enormous thermal loads. Thousands of them operating together produce heat levels that traditional cooling systems struggle to handle. For years, most data centers relied on air cooling. Cold air is pushed through server racks. Fans move heat away from processors. Hot air is then removed from the facility. But as AI clusters become more dense, air cooling begins to approach its limits. Moving enough air to remove massive heat loads requires enormous energy. Air is also relatively inefficient at transferring heat compared to liquids. This is why many AI operators are turning t...