Wall Street spent the first phase of the AI boom asking one question: Who can make enough GPUs? Then the bottleneck moved. The chips needed data centres. The data centres needed electricity. The electricity needed generation, transformers, switchgear, substations, cooling and grid connections. Now I think we may be entering another phase. Governments and electricity regulators are increasingly asking: If AI creates the infrastructure problem, who should pay to solve it? And the emerging answer may be: AI itself. That sounds like a regulatory story. I think it could become an industrial investment story. Because if hyperscalers increasingly have to fund the physical infrastructure required to support their own electricity demand, then the AI capex boom may spread much further beyond semicon

$Bloom Energy Corp(BE)$  this is so Hard to watch my gosh. 🤦‍♂️ 

First it was GPUs. Then memory. Then networking. Then power. Then data centres. But I think another layer is starting to matter. The financial infrastructure underneath all of it. 👀 Because an AI factory doesn’t just need chips, electricity and land. It needs someone willing to finance the factory. And the deeper I looked into how this buildout is being funded, the more interesting the picture became. This isn’t a prediction of an AI credit crisis. It’s a different question: As trillions of dollars move into AI infrastructure, where is the financial risk actually going? 🏗️ THE AI BOOM IS BECOMING A CREDIT STORY S&P Global says AI infrastructure financing is increasingly spreading across multiple channels: Bank lending. Private credit. Asset-based finance. CMBS. ABS. Corporate debt. Lea

Everyone knows what $100 oil does to airlines. Everyone knows what it does at the petrol pump. Everyone knows what it can do to inflation. But I think Wall Street may be overlooking a much stranger potential casualty. Artificial intelligence. Not because data centres run on crude oil. They don’t. Because the AI boom increasingly runs on something else: CAPITAL. And the price of that capital is moving. ⸻ 🛢️ THE OIL SHOCK DOESN’T HAVE TO TOUCH A DATA CENTRE TO HIT IT The first-order trade is obvious. Oil rises. Energy companies benefit. Transport costs rise. Consumers feel it. Inflation becomes harder to kill. But follow the chain another few steps: OIL ↑ ⬇️ INFLATION PRESSURE ↑ ⬇️ BOND YIELDS / RATE EXPECTATIONS ↑ ⬇️ COST OF CAPITAL ↑ ⬇️ AI INFRASTRUCTURE FINANCING GETS MORE EXPENSIVE ⬇️ TH

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Love this, it’s my pleasure to fire away with my opinion each week. As wild as they can be ;)

What a pleasure to be able to contribute to this community and help others 🫡

Something changed in the AI trade. And I don’t think the most interesting part is the selloff. It’s what the market assumed the selloff meant. Anthropic CEO Dario Amodei has called for slowing the pace of frontiear AI capability development as safety concerns intensify. Sam Altman agreed that the frontier needs to be paced. Elon Musk backed the warning. Wall Street heard one thing: SLOWER AI = LESS AI INFRASTRUCTURE. And investors hit the hardware stack. The Philadelphia Semiconductor Index fell roughly 6%. $NVDA fell about 3.5%. $AMD fell about 5.6%. $MU fell about 6.7%. Semiconductor equipment names were smashed too, with Lam Research and Applied Materials falling roughly 8% and 7% respectively. AI infrastructure names weren’t spared either. But here’s the question I can’t get past: WHAT

🇦🇺 🇦🇺 AUSSIE INCOMING 🇦🇺 🇦🇺  Australia has spent generations exporting resources. Iron ore. Coal. LNG. Gold. We extract them, process them, put them on ships and sell them to the world. But NVIDIA’s latest Australian AI infrastructure announcement made me wonder whether the next Australian resource boom could work very differently. Because this time, the resource may never physically leave the country. It might leave as compute. NVIDIA has announced it is working with Firmus, Sharon AI, IREN, Megaport, ResetData, CDC, NEXTDC and AirTrunk on up to 2 GW of Australian AI-factory infrastructure by 2027. That is a huge number. Australia’s current data-centre capacity is estimated at roughly 1.6 GW, meaning the planned NVIDIA ecosystem buildout alone could be comparable with the country’s e

For most of corporate history, the relationship between a customer and a supplier was relatively simple. One company made something. Another company bought it. Money went one way. Products went the other. Artificial intelligence may be changing that relationship. Because some of the largest technology companies on Earth are no longer simply buying AI infrastructure. They are increasingly taking economic stakes in the companies building it. Amazon has just entered a multi-generation AI infrastructure partnership with Qualcomm. The headline number is enormous. Amazon could purchase up to US$60 billion of Qualcomm AI data-centre chips and related products under the agreement. But the part that interests me more is buried underneath. Qualcomm has also granted Amazon warrants worth approximatel