Deep dives into AI infrastructure stress signals, historical parallels, and the data behind the index.
The financial case for why the largest capex buildout in history may not pay for itself. Every number sourced, every claim cited.
Read articleEveryone calls NVIDIA the picks and shovels of AI. But the real infrastructure dependency is energy — and the companies providing it have balance sheets that can’t survive a correction.
Companies are cutting headcount and calling it AI transformation. But the layoffs track with infrastructure spending, not with automation. The data tells a different story.
$14 billion in debt, 9x EBITDA leverage, and 62% of revenue from a single customer. CoreWeave is the most leveraged bet in AI infrastructure.
Hyperscalers extended GPU useful life from 3 to 6 years. That suppresses expenses and inflates earnings. Here’s how.
Adjusted for inflation, AI infrastructure spending is outpacing fiber/telecom by 3x at the same point in the cycle.
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