Live
Investigations
17 long-form parts of The Buildout, each with a verdict, a chart and a watchlist.
Read the seriesAbout DeepStack
DeepStack doesn’t do neutral.
An independent publication about the money behind artificial intelligence. We follow the capital, the chips, the power and the people betting on all three, and then we tell you what we think.
Where informed investors disagree, the evidence each side stands on, and the date that settles it.
We score claims, not people.
Why DeepStack exists
The AI build-out is the largest capital-spending cycle of this generation, and most of what is written about it is either a press release or a prophecy.
DeepStack exists for readers who want neither. We take the figures that move markets, the filings, the guidance, the rate prints, the power contracts, and we put them in an argument. Every story presents the strongest case on each side. Then it takes one.
We are not here to be right about everything. We are here to be clear about what we believe, why we believe it, and what would change our mind. That is what makes a verdict useful.
Written for analysts and allocators who cover AI infrastructure, energy and credit, and for anyone who wants to check the work.
Our standards
How a DeepStack story is built.
Every part of The Buildout follows the same anatomy, so you always know what you are reading: fact, argument, or opinion. The rules behind it are in our Editorial Notes.
- 01
The numbers
Dated, sourced figures up front, collected in a “By the numbers” panel and charted where it helps.
- 02
The fight
The best case for each side, attributed to the investors, economists and companies who make it.
- 03
The DeepStack Call
A clearly labeled verdict. Opinion is never disguised as reporting.
- 04
What to watch
The dated events that will prove us right or wrong, gathered across the site in The Docket.
Governance
Who decides what.
One person signs what this site asserts; a model drafts; the record of both is public.
- The owner
- Approves every specification, every Call and the side it takes, every Result and every line of copy a model drafted, before any of it prints, and signs each approval with his name and the date. Each Call takes a side and a conviction from 1 to 5, the whole scale; the Scorecard counts the tones and the convictions of every Part.
- The model
- Drafts: the story file from the judged evidence, the specifications, the results read from the public source, the glossary, the orientation lines, the relations of a question and the provenance of a number. Nothing it drafts publishes on its own.
- The record
- Is public. Each approval carries a name and a date on the page and in the API; the Docket says whether a test's words were approved before or after its date; a Result says what the Call expected and whether the answer supported it, weakened it or only informed it.
Conflicts
DeepStack is owned by one person, Marco Cauduro, who writes the Calls and signs each approval. He is also a partner in Goldenbird, the company whose research platform DeepStack runs on. He discloses here any position he or Goldenbird holds in a company named in The Buildout: none at this date. A Call that could bear on a Goldenbird interest says so on the page. No sponsor or partner reads a Call before it prints, and none reviews a verdict.
Corrections
When we get a fact wrong, we correct it in place and say so at the top of the story, with the date of the change. The register of corrections is public, and it is empty today. The register
Every approval is signed on the page it governs: a specification and a Result on the Docket and the Results pages, the Call’s side on the story, the orientation lines under the art, the glossary, the relations of a question, the provenance of a number, and this declaration. Approved by Marco Cauduro on October 11, 2026.
Formats
Read now. Watch and listen next.
The written investigation is the core of DeepStack. Two new formats are in development; nothing here pretends they have launched.
In development
Video briefings
Short, chart-led explainers that put one number on screen and argue about it for five minutes.
Get notified at launchIn development
The DeepStack podcast
Long conversations with the people on both sides of the trade. No episodes have been released yet.
Hear the first episode firstPartner with DeepStack
Editorial is not for sale. Attention is earned.
We work with a small number of brands whose products belong in a serious conversation about AI, capital and infrastructure: sponsored briefings, research collaborations and ambassadorships.
- Labeled, always. Every sponsored piece is marked as sponsored, on the page and in the inbox.
- No paid verdicts. Partners never review, approve or influence a DeepStack Call.
- Fit over reach. We decline partnerships that would not make sense to our readers.
Elsewhere
Privacy
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DeepStack publishes analysis and opinion. Nothing on this site is investment advice.