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 demand does not disappear. It reallocates. When constraints appear in one part of the system, capital and spending shift toward another. In the early phase of the AI boom, the constraint was compute. Companies rushed to secure GPUs beca...