News & Insights
Notes and letters from the house.
Occasional writing on the build-out and the markets around it. These notes are informational. They are not investment advice, an offer or a solicitation.
Thesis
20 June 2026
Inference, not training, sets the economics
The market still prices the AI build-out around training runs. The durable economics sit in inference, and they look different.
Note
18 June 2026
Power is the ceiling
Compute is abundant on paper. Firm, around-the-clock power is not. The grid, not the chip, is the binding constraint.
Market
16 June 2026
A note on copper
Electrification and data centres pull on the same wire. Copper supply was planned for neither.