{"version":1,"generatedAt":"2026-10-22T01:47:04.401Z","count":303,"entries":[{"type":"story","title":"The Guarantee Has No Date","url":"/stories/the-guarantee-has-no-date/","excerpt":"By mid-2026 the five largest builders of AI data centers had signed $1.12 trillion of leases not yet begun, by DeepStack's sum of their filings, 69%…","tokens":"billion meta oracle 30 june cash https september 10 alphabet debt 31 quarter 2025 lease www end guarantees liability operating december edgar first microsoft sec year amazon august com credit fiscal 2027 86 capital form hyperion prepayments risk value wrote center read 118 annual archives february gov htm junkbondinvestor moody off report 14 28 662 above balance commitments ended less notional residual venture 11 17 20 25 already blue burry call eisman financing october owl part payments recorded reported six starts tenant timing 23 40 41 backstops books campus carried count counted customer dec letters months rose sheet shows side spending start still whether 20260630 24 29 43 49 against bassman bonds booked carry commenced","part":17},{"type":"story","title":"The Seller Holds the Paper","url":"/stories/the-seller-holds-the-paper/","excerpt":"Nvidia was owed 59.6 days of sales on July 26, 2026, against 45.4 in April, by DeepStack's arithmetic from its filings, and its guarantee table…","tokens":"billion quarter ai revenue 10 https anthropic october august receivables guarantees cash www customers september com demand openai wrote broadcom credit part edgar fiscal labs cloud first form may sec 20 financing four share buyers data filing investment partners 18 2025 above average eisman end flow free growth net outside outstanding real second 2027 42 70 amd chips coreweave energy google htm income leases markets out quarters read reading terms third 108 16 25 30 36 51 agreements archives bank behind came capital chain compute customer deals financial five gov hyperscalers invest money much reported reuters sb times view year 12 14 15 50 backlog below burry clouds ended figure firms investor market note november","part":16},{"type":"story","title":"Oil Is the Headline. 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Its Premium Moves: 13 attributed voices.","tokens":"romero daniel edelbridge alpha gaetano data qualifies center condition eisman multi steve year centers compute ren against construction fiber gw mechanism nebius whose ai already base billion build buildout burry campus capacity customer dollar expected faster generation gpu infrastructure investment kakashii megawatt michael million months paying projects rather real rising single site time transformers years 000 18 20 2025 2026 2027 23 24 25 26 31 350 40 50 90 access addition agrees allowed","part":6},{"type":"sides","title":"SpaceX after the IPO: exit liquidity, or the next ten-bagger?","url":"/sides/spacex-after-the-ipo-exit-liquidity/","excerpt":"Who is on each side of Part 02, SpaceX Is Funding an AI Bet Before the Proof: 9 attributed voices.","tokens":"kakashii kris gigawatts eliahou jeremie ontiveros revenue billion henninger nvidia trey 10 100 2027 cash company cost demand dollars end evidence gpus long market never premise qualifies rental roughly site times year 12 15 18 1t 300 300b absorbs accounting actually against anthropic arr back bad beyond bridge build bull bullish burning burry buyers calls cannot capacity carry circular close cluster compute construction continuously contradicts counted cross datacenter deployed describes difference dollar doubtful drains","part":2},{"type":"sides","title":"Do the orders turn into profit?","url":"/sides/the-backlog-is-not-the-quarter/","excerpt":"Who is on each side of Part 11, The Backlog Is Not the Quarter: 43 attributed voices.","tokens":"gaetano kim tae eisman steve burry michael qualifies ren contradicts growth revenue billion evidence research ai alpha cash edelbridge mechanism nvidia capital kevin openai 2027 aurelion demand flow mia q3 roughly silverio supply whether 30 already capacity condition daniel expects ideas junkbondinvestor management meta multibagger oracle romero slok torsten 2026 50 amazon capex customers expectations fabrinet guidance keep margin million new next rather strong 2028 40 70 above company contracts cpo customer data days","part":11},{"type":"sides","title":"Does the hardware hold its value?","url":"/sides/the-bubble-is-in-the-denominator/","excerpt":"Who is on each side of Part 10, The Bubble Is in the Denominator: 37 attributed voices.","tokens":"michael slok torsten spencer ren ai aurelion qualifies research eisman steve burry mechanism george nvidia contradicts daniel david long romero billion end kris openai year evidence premise rates revenue 2026 chips customers deficits demand growth inflation power tech term trillion anthropic budget condition even expected gpus howell hyperscalers junkbondinvestor kakashii kim large may price rather tae years yield already august buildout capacity capex companies customer data declining earnings hyperscaler investors katsenelson much near premia","part":10},{"type":"sides","title":"Is AI revenue arriving fast enough for the biggest spenders to pay for their data centers out of their own cash?","url":"/sides/the-cash-arrives-unevenly/","excerpt":"Who is on each side of Part 14, The Cash Arrives Unevenly: 48 attributed voices.","tokens":"capital michael billion capex slok torsten qualifies spencer year ren investors market mechanism burry compute eisman roughly steve trillion global hyperscalers openai bronte guinness hayden investment spending amazon flow hyperscaler oracle sentiment 2026 condition debt invest junkbondinvestor keep meta returns annual buildout center evidence first growth kakashii return 2027 advisors anthropic assets aurelion company contradicts customers demand dollars dylan even funded funding google level longriver microsoft nathaniel pacific patel percent projected rather research still","part":14},{"type":"sides","title":"The debt behind the machines: 1999 capex, 2008 credit, or neither?","url":"/sides/the-debt-behind-the-machines/","excerpt":"Who is on each side of Part 03, The Machines Will Work. The Debt Might Not: 10 attributed voices.","tokens":"market sentiment burry year michael billion annual erkan katsenelson oguz percent dollars evidence five revenue vitaliy 20 40 50 ai backlog bottom capacity center cloud contradicts data even extended megawatt million nebius parts pricing rate roughly six three years 100 160 2020 2026 2027 21 25 380b 496 514 678 6x 84 960b a100 a100s across against ago assuming aws backwardation bankruptcies bar borrowing bridge built bust buyers capital cash cheapen chinese chip circularity","part":3},{"type":"sides","title":"Why did the long end climb after the hike: growth, debt, or a missing buyer?","url":"/sides/the-fed-hiked-the-long-end-kept-climbing/","excerpt":"Who is on each side of Part 07, The Fed Hiked. The Long End Still Climbed: 23 attributed voices.","tokens":"michael howell green tscs katsenelson vitaliy qualifies mechanism inflation contradicts evidence 10 clapham stephen year yields klein matthew rate treasury mia rates silverio years yield bond duration eisman higher interest level near oil refutes steve us 30 annual argues billion bonds condition fall faster market price rather return rising treasuries 2007 2022 2023 2025 2026 75 above anyway approaching borrowers brent budget buybacks buyers buying cannot corporate cycle day deficits down economy even funds","part":7},{"type":"sides","title":"How much of the AI buildout is debt the balance sheets do not show yet, and who carries it if a tenant walks away?","url":"/sides/the-guarantee-has-no-date/","excerpt":"Who is on each side of Part 17, The Guarantee Has No Date: 37 attributed voices.","tokens":"eisman steve junkbondinvestor qualifies erkan oguz meta 72 quanta cash chen data geo kris condition evidence burry center ed elson gaetano investment michael slok torsten amazon flow microsoft oracle billion capital market year anthropic compute contradicts hyperscaler openai project borrowers capacity companies demand first google hyperscalers infrastructure itself management mechanism rather revenue weitz 20 able already borrowing bubble build businesses equity financing flows galloway holds investors kakashii lenders long nemeth nick off paying power","part":17},{"type":"sides","title":"Is the capex spending defense, or is the return not there?","url":"/sides/the-market-stops-paying-for-faith/","excerpt":"Who is on each side of Part 04, AI Spending Has Met Its First Real Bill: 17 attributed voices.","tokens":"capital eisman warden steve investment 72 junkbondinvestor quanta billion boom cash flow moses qualifies revenue sternstein year 500 argues dollars free gee hyperscalers incremental kevin related risk roughly supply trillion us 2025 2026 50 863 across advisors against alphabet annual approximately becomes cannot com companies condition consensus creating current debt decile demand dot enterprises era even eventually gap hayden infrastructure mechanism much need pacific parts prices question relatively require tax time top 100 19","part":4},{"type":"sides","title":"Does the frontier model still command a price?","url":"/sides/the-model-is-not-the-price/","excerpt":"Who is on each side of Part 12, The Model Is Not the Price: 39 attributed voices.","tokens":"michael spencer openai ai anthropic david george kim tae contradicts billion evidence models qualifies market token capital chinese ipo open revenue steve trillion wyndo eisman erkan longriver oguz burry cost daniel le romero sentiment shrub year condition dollars far gaetano labs mechanism roughly share years 2026 chatgpt cheaper customers entire first mia silverio tasks usage warden 000 2027 advisors against annual argues arr astra back compute criteo distillate end even gee gpt growth hyperscalers","part":12},{"type":"sides","title":"Who pays for the AI power bill?","url":"/sides/the-ratepayer-pays-first/","excerpt":"Who is on each side of Part 13, The Ratepayer Pays First: 36 attributed voices.","tokens":"corporation pjm state commission market virginia load monitor analytics monitoring qualifies large energy reliability electric interconnection alphabet capacity grid nrg american condition cost data loads mechanism north tscs bordoff center ercot gw jason people solutions counsel crusoe edf generation maryland office auction costs eliahou jeremie ontiveros process requests states texas btmg co coalition contradicts customers demand earthjustice existing forecasts knuhtsen reyk transmission years argues based bring council delays evidence growth located new permitting price","part":13},{"type":"sides","title":"Who writes the checks for the buildout?","url":"/sides/the-scarcity-is-the-collateral/","excerpt":"Who is on each side of Part 08, AI Lenders Are Financing the End of Scarcity: 25 attributed voices.","tokens":"slok torsten daniel romero gaetano qualifies burry evidence junkbondinvestor michael aurelion research cash eisman steve capex contradicts market sentiment condition kakashii kris year companies compute flow ren capacity data demand hyperscaler hyperscalers investment keep mechanism nvidia operating billion capital center chips commitments george infrastructure labs meta model noble oracle record revenue roughly spending total value 100 11 2026 23 28 2t 55 against amazon argues aws bear beyond broadening cloud constrained cost covering customer","part":8},{"type":"sides","title":"How much of the money buying AI chips was lent, guaranteed or invested by the companies selling them?","url":"/sides/the-seller-holds-the-paper/","excerpt":"Who is on each side of Part 16, The Seller Holds the Paper: 37 attributed voices.","tokens":"nvidia michael steve eisman revenue anthropic spencer billion customers kim openai tae demand financing market evidence growth qualifies burry daniel neoclouds ipo mia romero silverio compute contradicts customer hugh quarter vuillier year 70 amazon dollars end five mechanism out power risk roughly sentiment trillion valuation 2025 50 arr back capacity capital cash circular coreweave days far google hyperscalers investor leading lending model mw nebius rates rather ren secured similar small support terms usd 10","part":16},{"type":"company","title":"Alibaba","url":"/companies/alibaba/","excerpt":"BABA. Alibaba is named in 1 Part of The Buildout, most recently Part 5: OpenAI and Anthropic Are Not the Same Business.","tokens":"ai google 05 2027 2030 3bn achieve against ahead capital cash center clear commoditized comparable competitor compute data deepseek deepvalue demerit downloads falling financing interminable investment"},{"type":"company","title":"Alphabet","url":"/companies/alphabet/","excerpt":"GOOGL. Alphabet is named in 15 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"google cash amazon microsoft meta ai billion anthropic 2026 flow debt oracle capex quarter nvidia backlog capital cloud first hyperscalers price 2025 openai operating real roughly"},{"type":"company","title":"Amazon","url":"/companies/amazon/","excerpt":"AMZN. Amazon is named in 11 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"cash ai microsoft google meta anthropic billion debt 2026 flow capex oracle spending alphabet customers 2025 first nvidia revenue trillion aws bill capacity capital hyperscalers operating"},{"type":"company","title":"AMD","url":"/companies/amd/","excerpt":"AMD. AMD is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"14 18 33 rose 09 11 16 17 19 2026 advanced america bank booking closing comcast devices expedia fell financial fitness gain holdings intuit meta micro"},{"type":"company","title":"Anthropic","url":"/companies/anthropic/","excerpt":"Privately held. Anthropic is named in 12 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"openai billion revenue ai ipo model still frontier google price amazon growth roughly trillion 2026 cross customers hyperscalers nvidia sides token voices end far may meta"},{"type":"company","title":"Apollo Global Management","url":"/companies/apollo-global-management/","excerpt":"APO. Apollo Global Management is named in 12 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"ai cash billion flow operating trillion blackstone capital chief debt economist google hyperscalers nvidia real slok torsten year 2028 2030 accounting amazon analysis anthropic backlog balance"},{"type":"company","title":"Apple","url":"/companies/apple/","excerpt":"AAPL. Apple is named in 2 Parts of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"app billion muse spending 04 09 13 14 170 added agent ahead ai amazon anti bill cap chatgpt chosen claude downloaded first fiscal free friday gaining"},{"type":"company","title":"Bank of America","url":"/companies/bank-of-america/","excerpt":"BAC. Bank of America is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"14 18 rose 09 11 16 17 19 33 advanced booking comcast devices expedia fell fitness holdings intuit meta micro netflix planet"},{"type":"company","title":"Berkshire Hathaway","url":"/companies/berkshire-hathaway/","excerpt":"BRK-A. Berkshire Hathaway is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First.","tokens":"11 building carry cloud companies cost credited energy full joining kingswell largest may running"},{"type":"company","title":"Blackstone","url":"/companies/blackstone/","excerpt":"BX. Blackstone is named in 1 Part of The Buildout, most recently Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile..","tokens":"ai apollo billion capital balance blackrock bridge dollars loan party platform sheet third xpu 01 2028 35 50 500 another apart approximately asking assemble assembling broadcom"},{"type":"company","title":"Blue Owl Capital","url":"/companies/blue-owl-capital/","excerpt":"OBDC. Blue Owl Capital is named in 2 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"campus oracle 80 jupiter project sent stargate 08 2025 2028 21 24 45 ai among announcement bought built cash closed cost counted cover covering day debt"},{"type":"company","title":"Broadcom","url":"/companies/broadcom/","excerpt":"AVGO. Broadcom is named in 2 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"billion customer ai investor nvidia 10 29 apollo financing june lab lease leases orders partner quarter wide 01 2026 2028 20gw 30 42 against agreements anthropic"},{"type":"company","title":"Ciena","url":"/companies/ciena/","excerpt":"CIEN. Ciena is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"fiscal 2029 gaetano supply 2026 billion management secured 17 2027 end growth least reported revenue roughly 10 10b 14 14b 2028 26 290 30 ambition appreciated"},{"type":"company","title":"Cisco","url":"/companies/cisco/","excerpt":"CSCO. Cisco is named in 3 Parts of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"badri eisman nine real sam 04 09 28 72 advertising agents ai alphabet amazon bill built buying chips cloud com commerce compares customers depended described difference"},{"type":"company","title":"CleanSpark","url":"/companies/cleanspark/","excerpt":"CLSK. CleanSpark is named in 2 Parts of The Buildout, most recently Part 8: AI Lenders Are Financing the End of Scarcity.","tokens":"25 billion year average bb center data fed five issuer meta notes sold 07 08 10 175 175bps 18 2026 above across basis below bitcoin borrowers"},{"type":"company","title":"Coherent","url":"/companies/coherent/","excerpt":"COHR. Coherent is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"gaetano 15 demand lumentum september 30 above arithmetic behind capacity ciena company cut date different everything expected factories growing guarantees idle illustration leaves list make minimum"},{"type":"company","title":"Comcast","url":"/companies/comcast/","excerpt":"CMCSA. Comcast is named in 4 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"billion cnbc 10 14 18 50 according amazon anthropic basis october openai revenue rose september 03 09 11 17 19 2020 2029 31 33 65 68"},{"type":"company","title":"CoreWeave","url":"/companies/coreweave/","excerpt":"CRWV. CoreWeave is named in 6 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"billion nvidia april backlog capacity clouds contract demand mw openai power rose whose year 2020 2025 75 84 875 against ai cash company convertible coupon covenants"},{"type":"company","title":"DeepSeek","url":"/companies/deepseek/","excerpt":"Privately held. DeepSeek is named in 2 Parts of The Buildout, most recently Part 5: OpenAI and Anthropic Are Not the Same Business.","tokens":"kimi 17 ai july points prices raised roughly scored step token wyndo 000 03 05 0731 10 110 13 2027 2030 24 25 32 46 57"},{"type":"company","title":"Dell","url":"/companies/dell/","excerpt":"DELL. Dell is named in 1 Part of The Buildout, most recently Part 10: The Bubble Is in the Denominator.","tokens":"quadrillion 2028 57 end estimate goldman month sachs tokens 10x ai aurelion everyone far figure forecasts growing higher moving number party raised ran research revised rising"},{"type":"company","title":"DoorDash","url":"/companies/doordash/","excerpt":"DASH. DoorDash is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"accept higher pay prices 09 alex already assistant assistants businesses convenience customer customers delivery dinner drive economics immerman inertia listing menu necessary orders people remove restaurant"},{"type":"company","title":"Exelon","url":"/companies/exelon/","excerpt":"EXC. Exelon is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First.","tokens":"16 bag co customers existing ferc filed funds grid holding indicated january leaves load located nothing owners pjm rehearing request toward transmission upgrades"},{"type":"company","title":"Fabrinet","url":"/companies/fabrinet/","excerpt":"FN. Fabrinet is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"roles new cpo next npo packaged profit programs step volume whether 24 across aurelion become becomes bound co confirm converting cross depends draws earn earning els"},{"type":"company","title":"Fair Isaac","url":"/companies/fair-isaac/","excerpt":"FICO. Fair Isaac is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"09 26 600 away day defended fall faster five followed increase lost monopoly price priced pushed reminder seat software years"},{"type":"company","title":"GLOBALFOUNDRIES","url":"/companies/globalfoundries/","excerpt":"GFS. GLOBALFOUNDRIES is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"margin 17 18 2028 25 30 40 against below case deliberately exiting gaetano gross management models operating september starts targets today"},{"type":"company","title":"Goldman Sachs","url":"/companies/goldman-sachs/","excerpt":"GS. Goldman Sachs is named in 1 Part of The Buildout, most recently Part 10: The Bubble Is in the Denominator.","tokens":"quadrillion dell estimate 2028 57 ai end month party third tokens 10x 31 493 another apart apollo aurelion balance blackrock blackstone bridge brookfield capital circularity cited"},{"type":"company","title":"Intuit","url":"/companies/intuit/","excerpt":"INTU. 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Argued in Part 15 (The…","tokens":"boom due elevated expectations inflation led monetary pays policy rate readings repricing rose treasury yields ai aided assets credit driven economic enthusiasm generated"},{"type":"person","title":"Aswath Damodaran","url":"/people/aswath-damodaran/","excerpt":"Aswath Damodaran is named in 3 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"250 ai billion revenue trillion against annual anthropic citing market price products services she silverio valuation 10 12 2025 47 adds amazon bubble"},{"type":"person","title":"Aurelion Research","url":"/people/aurelion-research/","excerpt":"Aurelion Research is named in 6 Parts of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 8 (The…","tokens":"ai fabrinet roles spending still 11 commitments infrastructure keep new next september trillion above base capex cash clouds companies cpo customer end enterprises"},{"type":"person","title":"Ben Horowitz","url":"/people/ben-horowitz/","excerpt":"Ben Horowitz is named in 1 Part of The Buildout, most recently Part 6: Power Doesn’t Depreciate. Its Premium Moves..","tokens":"kilowatts years 06 10 100 250 ago few megawatt rack three today traces way"},{"type":"person","title":"Blue Tower Asset Management LLC","url":"/people/blue-tower-asset-management-llc/","excerpt":"Blue Tower Asset Management LLC is named in 1 Part of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued…","tokens":"core global june out stays 14 1973 30 8th against argue brent buffers ceasefire closure crude declared down drawn embargo fighting full generale"},{"type":"person","title":"Bronte Capital","url":"/people/bronte-capital/","excerpt":"Bronte Capital Management Pty Limited. Bronte Capital is named in 1 Part of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in…","tokens":"ai buyers earn likely paid return spending yet cannot combination companies conclude cost dramatically either funders get large realise remains say short slows"},{"type":"person","title":"Charlie Hills","url":"/people/charlie-hills/","excerpt":"Charlie Hills is named in 1 Part of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 12 (Open weights set the price).","tokens":"10 60 astra cheaper input million opus tokens 27 against anthropic gpt openai put september versus"},{"type":"person","title":"Christian Catalini","url":"/people/christian-catalini/","excerpt":"Christian Catalini is named in 1 Part of The Buildout, most recently Part 5: OpenAI and Anthropic Are Not the Same Business. Argued in Part 5…","tokens":"ai yet 05 10 23 account across applications become capabilities capability closed commodity competitive compute convex costs curation curve data demand domains economics"},{"type":"person","title":"Clark Tang","url":"/people/clark-tang/","excerpt":"Clark Tang is named in 2 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 16 (The loan is a bridge).","tokens":"balance advantage ahead apollo circularity demand grade hardware hyperscalers independently investment kkr neoclouds nvidia party rates rent sheet sheets spot third underwritten 06"},{"type":"person","title":"Crusoe Energy","url":"/people/crusoe-energy/","excerpt":"Crusoe Energy is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The load pays its way).","tokens":"co correctly costs generation grid located power states 16 accelerates acknowledges advances ai basis beside bring btmg built burden center converting currently data"},{"type":"person","title":"Daniel Nishball","url":"/people/daniel-nishball/","excerpt":"Daniel Nishball is named in 1 Part of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 16 (The loan is a bridge).","tokens":"nvidia ai bank buyers cannot central credit gpus pay rating small acting cast characterize creditors demand july lender lending offer private semianalysis show"},{"type":"person","title":"Daniel Romero","url":"/people/daniel-romero/","excerpt":"HyperTech Invest. Daniel Romero is named in 10 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 6 (Scarcity…","tokens":"year ai end billion power 2027 capacity september slowly trillion 15 2028 21 added cash compute group memory oil years 30 35 65"},{"type":"person","title":"Data Center Coalition","url":"/people/data-center-coalition/","excerpt":"Data Center Coalition is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The load pays its way).","tokens":"pjm 2029 co date june located new proposed services transmission 16 account approving bill cannot cir cirs clearer concrete customer earlier effect effective"},{"type":"person","title":"David George","url":"/people/david-george/","excerpt":"a16z. David George is named in 3 Parts of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 9 (Still a demo), Part 9…","tokens":"ai new openai customers intelligence kinds layer nearly service 500 agent april barely best creating creators distribution down durable easy edge even households"},{"type":"person","title":"David Rosenberg","url":"/people/david-rosenberg/","excerpt":"David Rosenberg is named in 1 Part of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 15 (Oil…","tokens":"core cpi inflation out stays always below bulls close come coming complex deranged energy environment far forecast grants him home hundreds inflationary item"},{"type":"person","title":"Deborah Folloni","url":"/people/deborah-folloni/","excerpt":"Deborah Folloni is named in 2 Parts of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 12 (Open weights set the…","tokens":"000 100 09 70 against agents annual calls charging crescendo describes draining habit leads million moat rather reaching recurring resolved resolving revenue seat"},{"type":"person","title":"DeepValue Capital","url":"/people/deepvalue-capital/","excerpt":"DeepValue Capital by Kyler. DeepValue Capital is named in 4 Parts of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the…","tokens":"core billion demand out stays anthropic cpi data fed growth hiked hormuz housing inflation job led openai rate recession strait supply trillion weak"},{"type":"person","title":"Distillate Capital Partners LLC","url":"/people/distillate-capital-partners-llc/","excerpt":"Distillate Capital Partners LLC is named in 2 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 12 (The filing…","tokens":"billion 180 back committed compute hyperscalers nvidia trillion 53 anthropic openai roughly spending 15 against circular distorts far financing july picture pledge pledged"},{"type":"person","title":"Doug Arent","url":"/people/doug-arent/","excerpt":"Doug Arent is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First.","tokens":"30 conversation difference frame june offered"},{"type":"person","title":"Dylan Patel","url":"/people/dylan-patel/","excerpt":"Dylan Patel is named in 2 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 14 (The bill has moved to debt)…","tokens":"compute capex cash cross sides trillion voices funded meta ai amazon build built flows generate growth infrastructure labs microsoft must projected revenue roughly"},{"type":"person","title":"Earthjustice","url":"/people/earthjustice/","excerpt":"Earthjustice is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The bill no state can shield).","tokens":"penalty capital commenter unlimited virtually 24 april argues contracts contractual convince customer customers cut describes draw federal financial grid high know large likely"},{"type":"person","title":"Ed Elson","url":"/people/ed-elson/","excerpt":"Ed Elson is named in 4 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 5 (Voices that cross sides), Part 14…","tokens":"ai amazon anthropic big billion cash google growth openai revenue tech labs 45 54 60 80 customers debt ended hyperscalers markets microsoft negative"},{"type":"person","title":"Ed Zitron","url":"/people/ed-zitron/","excerpt":"Ed Zitron is named in 5 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 8 (A closed loop).","tokens":"days eisman customers nvidia 14 openai september steve 70 90 ai billion episode full gpus grade investment lose loss outstanding payment revenue terms"},{"type":"person","title":"Edelbridge Alpha","url":"/people/edelbridge-alpha/","excerpt":"Edelbridge Alpha is named in 3 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 6 (Scarcity as a moat), Part…","tokens":"billion data demand nvidia power 11 against center cross current revenue scale sides voices assumes consensus construction earning execution growth manufacturing model multi"},{"type":"person","title":"EDF Power Solutions","url":"/people/edf-power-solutions/","excerpt":"EDF Power Solutions is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The load pays its way).","tokens":"btmg congestion demand contract edfps grid network reduce retail ability alleviate allow argues avoid changes co costs covered cut day delays deliver demands"},{"type":"person","title":"Electric Reliability Council of Texas","url":"/people/electric-reliability-council-of-texas/","excerpt":"Electric Reliability Council of Texas is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The…","tokens":"requests load 438 ercot gw interconnection large 452 based generation gigawatts late plant process roughly submitted 10 2026 24 against batch current ends"},{"type":"person","title":"Erik Townsend","url":"/people/erik-townsend/","excerpt":"Erik Townsend is named in 1 Part of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"debt 2026 bassman breakup businesses carry cash gets harley hyperscalers macrovoices may repaid september shareholders short suffer"},{"type":"person","title":"First Pacific Advisors","url":"/people/first-pacific-advisors/","excerpt":"First Pacific Advisors is named in 3 Parts of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 4 (The return is not…","tokens":"ai spending even 2026 207 500 59 billion income low projected tax trillion year 30 50 counted dollars global investment july lp 04"},{"type":"person","title":"Gaetano","url":"/people/gaetano/","excerpt":"Gaetano is named in 6 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 6 (Scarcity as a warning), Part 8 (Real…","tokens":"ai billion growth supply 2027 cash nvidia roughly backlog capacity hyperscalers quarter already clouds customers demand fiber fiscal flow least microsoft neoclouds revenue"},{"type":"person","title":"Geo Chen","url":"/people/geo-chen/","excerpt":"Geo Chen is named in 3 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 17 (The weak link pays first).","tokens":"ai token equity labs share 05 08 absorb access already anthropic arrived bearish business capital cheap cheaper chinese confidential considering conversation dollars end"},{"type":"person","title":"Guinness Global Investors","url":"/people/guinness-global-investors/","excerpt":"Guinness Global Investors is named in 1 Part of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 14 (The bill has moved…","tokens":"ai debt returns 130 145bn broader capex capital clear concerns cycle economic end entering expenditure flow focused free fueling investment investments lack market"},{"type":"person","title":"Haim Zaltzman","url":"/people/haim-zaltzman/","excerpt":"Haim Zaltzman is named in 1 Part of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 17 (The cash flows cover it).","tokens":"guarantees credit deals market probably support 29 airplane better bloomberg car clear clearing disruptors fast faster get insurance intelligence large latham means need"},{"type":"person","title":"Harley Bassman","url":"/people/harley-bassman/","excerpt":"Harley Bassman is named in 3 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 14 (The cash still covers it)…","tokens":"anthropic borrowing hyperscalers debt 15 2026 against amazon approaching around arrives beyond bill billion breakup businesses bust carry compound demand equity erik fifty"},{"type":"person","title":"Harris Associates Oakmark","url":"/people/harris-associates-oakmark/","excerpt":"Harris Associates L.P.. Harris Associates Oakmark is named in 2 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in…","tokens":"alphabet amazon bond bonds grade investment leverage lower market meta oracle spreads technology wider 15 2026 advantage ai bill broader cash companies compared"},{"type":"person","title":"Hayden Capital","url":"/people/hayden-capital/","excerpt":"Hayden Capital is named in 2 Parts of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 4 (Voices that cross sides).","tokens":"first spending 2026 800 ai billion capex close flow internal letter need time 04 27 allocation alphabet amazon august bill boom changed chip"},{"type":"person","title":"Hugh Vuillier","url":"/people/hugh-vuillier/","excerpt":"Hugh Vuillier is named in 3 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 16 (Two labs carry the chain).","tokens":"perception variant buyers marginal market public real running september short still term 07 15 18 anthropic arguably bill came climbed dates delayed delaying"},{"type":"person","title":"Invest in Assets","url":"/people/invest-in-assets/","excerpt":"Invest in Quality. Invest in Assets is named in 4 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 1…","tokens":"billion cash compute habit nvidia software ai amazon revenue roughly 220 case every financing market moat structure year years above against august bull"},{"type":"person","title":"James Bulltard","url":"/people/james-bulltard/","excerpt":"James Bulltard is named in 1 Part of The Buildout, most recently Part 4: AI Spending Has Met Its First Real Bill.","tokens":"04 30 50 become bubble businesses couple fall fine might month percent remained semiconductors watching wrote years"},{"type":"person","title":"Jason Bordoff","url":"/people/jason-bordoff/","excerpt":"Jason Bordoff is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (Voices that cross sides).","tokens":"large millican tariffs 260 30 arent bill columbia costs energy exchange fixes grid grids gw hosts incremental june load loads loveless make pay"},{"type":"person","title":"Jensen Huang","url":"/people/jensen-huang/","excerpt":"Jensen Huang is named in 3 Parts of The Buildout, most recently Part 12: The Model Is Not the Price.","tokens":"kim against durable fungible gpus productive spencer tae 10 11 29 answers asset backlog bear bubble case denominator him invoice leads nine nvidia"},{"type":"person","title":"Jeremie Eliahou Ontiveros","url":"/people/jeremie-eliahou-ontiveros/","excerpt":"Jeremie Eliahou Ontiveros is named in 4 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 2 (The number is…","tokens":"year anthropic billion load openai semianalysis utilities 100bn against ai build buyers cluster cost datacenter dollars equipment face first generate generation gigawatt gigawatts"},{"type":"person","title":"Jessica Tarlov","url":"/people/jessica-tarlov/","excerpt":"Jessica Tarlov is named in 1 Part of The Buildout, most recently Part 6: Power Doesn’t Depreciate. Its Premium Moves..","tokens":"06 ai americans area center data finding gallup oppose records seven ten"},{"type":"person","title":"JunkBondInvestor","url":"/people/junkbondinvestor/","excerpt":"JunkBondInvestor is named in 10 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 2 (Voices that cross sides)…","tokens":"ai first year 2027 credit debt financing lease related scarcity billion borrowers lenders market paper paying 20 arrives backlog borrower carry cash creek"},{"type":"person","title":"Kakashii","url":"/people/kakashii/","excerpt":"Kakashii is named in 8 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 2 (Exit liquidity), Part 6 (Scarcity…","tokens":"customer gigawatts nvidia oracle cash ai 10 billion blackwell end gpus power quarter 11 20 23 24 backlog capital coreweave equipment financing flow"},{"type":"person","title":"Kevin Gee","url":"/people/kevin-gee/","excerpt":"Kevin Gee is named in 3 Parts of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 2 (Voices that cross sides), Part 4…","tokens":"ai billion incremental open revenue roughly spending 863 argues burning cash consensus frontier ipos letter long market may month return spacex three trillion"},{"type":"person","title":"Kevin Warsh","url":"/people/kevin-warsh/","excerpt":"Kevin Warsh is named in 1 Part of The Buildout, most recently Part 7: The Fed Hiked. The Long End Still Climbed..","tokens":"07 asked axios bond conference irwin market neil press telling"},{"type":"person","title":"Kevin","url":"/people/kevin/","excerpt":"Kevin is named in 4 Parts of The Buildout, most recently Part 11: The Backlog Is Not the Quarter. Argued in Part 11 (A backlog is a promise).","tokens":"eu gee revenue roughly 15 2027 ai billion fed funding future ilyda letter market spacex spending state still tenders timing unknown 02 04"},{"type":"person","title":"Kingswell","url":"/people/kingswell/","excerpt":"Kingswell is named in 2 Parts of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 13 (The load pays its way).","tokens":"billion cost first full 11 114 124 195 205 24 80 alphabet bear berkshire bhe building buildouts carry center cloud companies construction credited"},{"type":"person","title":"Kira Thornton","url":"/people/kira-thornton/","excerpt":"Kira Thornton is named in 1 Part of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 15 (Oil…","tokens":"core energy muted 14 beyond el food inflation iran leaving nino out perception policymakers reach remain risk september stays tail tails trends variant"},{"type":"person","title":"Kris","url":"/people/kris/","excerpt":"Potential Multibaggers. Kris is named in 9 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 1 (Insatiable)…","tokens":"demand ai nvidia capacity aws growth inflation chips higher rate spending amazon bubble cross despite follow interest investing oil orders out risk sides"},{"type":"person","title":"Krishna Guha","url":"/people/krishna-guha/","excerpt":"Krishna Guha is named in 1 Part of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 15 (The two…","tokens":"inflation shocks fed above building compound five higher ignore longer market prices target years among causes dearer defensible down due eisman expectations good"},{"type":"person","title":"Le Shrub","url":"/people/le-shrub/","excerpt":"Le Shrub is named in 1 Part of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 12 (Open weights set the price), Part…","tokens":"66 chinese september share models openai token 22 karp never spencer 11 16 accounting ai alex answered call china conceded cross delayed dollar"},{"type":"person","title":"Leyla Kunimoto","url":"/people/leyla-kunimoto/","excerpt":"Leyla Kunimoto is named in 2 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"billion 2026 10 18 250 accredited apollo blue bonds bubble citing close combined construction debt denominator equity grade high hyperscalers insight jupiter money"},{"type":"person","title":"Longriver","url":"/people/longriver/","excerpt":"Longriver is named in 4 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 1 (Voices that cross sides), Part 12…","tokens":"billion 50 almost end may rate 2025 anthropic revenue run 20 2024 investment july partners still usd agentic ai annualized arrive august business"},{"type":"person","title":"Luke Kawa","url":"/people/luke-kawa/","excerpt":"Luke Kawa is named in 1 Part of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 15 (The boom…","tokens":"global inflation pays rate ability attributes banks bond breakevens central doubt economies especially expected fed genuinely given growth hasnt impulse industrial leading maintain"},{"type":"person","title":"M. V. Cunha","url":"/people/m-v-cunha/","excerpt":"M. V. Cunha is named in 1 Part of The Buildout, most recently Part 6: Power Doesn’t Depreciate. Its Premium Moves..","tokens":"06"},{"type":"person","title":"Mark Zuckerberg","url":"/people/mark-zuckerberg/","excerpt":"Mark Zuckerberg is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"09 cut keep meta purchase small"},{"type":"person","title":"Market Sentiment","url":"/people/market-sentiment/","excerpt":"Market Sentiment is named in 7 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 3 (The borrowing is…","tokens":"revenue year billion trillion ai capex spending data incremental next 13 2026 annual capital cloud drive model pays rate roughly september 10 17"},{"type":"person","title":"Maryland Office of People's Counsel","url":"/people/maryland-office-of-people-s-counsel/","excerpt":"Maryland Office of People's Counsel is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The bill…","tokens":"state load billion cost forecasts pjm planning projects reform regional shield speculative 10 11 absent added allocation alone bills center corrupted costs customers"},{"type":"person","title":"Massif Capital","url":"/people/massif-capital/","excerpt":"Massif Capital is named in 2 Parts of The Buildout, most recently Part 12: The Model Is Not the Price. Argued in Part 5 (OpenAI: commoditized), Part…","tokens":"models majority open 2024 2026 among anthropic chinese late token top traffic usage weight 05 access authority business climbed commerce control controls counts"},{"type":"person","title":"Matthew C. Klein","url":"/people/matthew-c-klein/","excerpt":"Matthew C. Klein is named in 2 Parts of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 7…","tokens":"growth faster inflation rising years yields catching current immediately long percentage point still 07 2023 2025 2026 2pp boom climbed components consistently contrary"},{"type":"person","title":"Mia Silverio","url":"/people/mia-silverio/","excerpt":"Prof G Markets. Mia Silverio is named in 8 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 7 (A missing…","tokens":"backlog billion anthropic customers nearly quarter revenue trillion year company data valuation 10 2025 47 ai amazon contracts customer estimate google market october"},{"type":"person","title":"Michael Burry","url":"/people/michael-burry/","excerpt":"Cassandra Unchained. Michael Burry is named in 12 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 1…","tokens":"ai backlog year demand revenue billion financing data months nvidia compute growth real balance cash center circular cloud commitments customers debt five hyperscalers"},{"type":"person","title":"Michael Howell","url":"/people/michael-howell/","excerpt":"Capital Wars. Michael Howell is named in 3 Parts of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in…","tokens":"term growth yields premia bonds near rate 10 cycle long peak points return rise signal treasury year ai annual assets basis boom catching"},{"type":"person","title":"Michael Spencer","url":"/people/michael-spencer/","excerpt":"Michael Spencer is named in 7 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 5 (Anthropic: not yet), Part 5…","tokens":"ai openai billion models ipo price token model revenue arr chinese financial million open usage users 2027 70 accelerate cheaper cross customers cut"},{"type":"person","title":"Michael W. Green","url":"/people/michael-w-green/","excerpt":"Michael W. Green is named in 2 Parts of The Buildout, most recently Part 15: Oil Is the Headline. The Real Yield Is the Bill.. Argued in Part 7 (A…","tokens":"buyer 2022 corporate debt duration long missing safe shortage 07 asset assets base becoming bid buyers buying ceased china climbed corporates damaged end"},{"type":"person","title":"Monitoring Analytics (PJM market monitor)","url":"/people/monitoring-analytics-pjm-market-monitor/","excerpt":"Monitoring Analytics. Monitoring Analytics (PJM market monitor) is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First…","tokens":"prices capacity large bill central costs energy failure impose increases loads reliability reliably requirement serve shield state transmission 2025 anopr appears current december"},{"type":"person","title":"Moses Sternstein","url":"/people/moses-sternstein/","excerpt":"Moses Sternstein is named in 3 Parts of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It.. Argued in Part 4 (The…","tokens":"ai adoption consumer data spending a16z apps charts creating decile defense demand demo enterprises first gap paid people power roughly still top 04"},{"type":"person","title":"Multibagger Ideas","url":"/people/multibagger-ideas/","excerpt":"Multibagger Ideas is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter. Argued in Part 11 (Shipping is not…","tokens":"gross margin q3 30 back conversion december earning guided off receivable second toward write 12 28 40 50 57m 71m 7m achievable alone"},{"type":"person","title":"Nathaniel Whittemore","url":"/people/nathaniel-whittemore/","excerpt":"Nathaniel Whittemore is named in 1 Part of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 14 (The buyers have not…","tokens":"billion growth gap investors openai paid revenue told yet 107 20 50 68 77 achieved annualized business completely end enterprise even fairly figure"},{"type":"person","title":"Nick Nemeth","url":"/people/nick-nemeth/","excerpt":"Nick Nemeth is named in 1 Part of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 17 (The weak link pays first).","tokens":"power anyone cases challenge checked exceptional expected gap having least mean naic notches procedural protections rating real regulatory requires review selectively three used"},{"type":"person","title":"North American Electric Reliability Corporation","url":"/people/north-american-electric-reliability-corporation/","excerpt":"North American Electric Reliability Corporation is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part…","tokens":"chains decisions forecasts grid industry late nerc owner permitting plant project projections resources supply years actual actually add approvals assessment back center commitments"},{"type":"person","title":"NZS Capital","url":"/people/nzs-capital/","excerpt":"NZS Capital is named in 1 Part of The Buildout, most recently Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.. Argued in Part 1 (Voices…","tokens":"price 01 bear brad case cross entered exited firm letters literate matters paid re risk semiconductor shops shows sides slingerlend still writing"},{"type":"person","title":"Oguz Erkan","url":"/people/oguz-erkan/","excerpt":"Oguz Erkan is named in 6 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 3 (The borrowing is rational), Part…","tokens":"billion cash committed cross share sides take voices year ai booking capex demand habit internal meta pay 2026 2027 23 already anthropic august"},{"type":"person","title":"Orbis Investments","url":"/people/orbis-investments/","excerpt":"Orbis Investment Management. Orbis Investments is named in 1 Part of The Buildout, most recently Part 4: AI Spending Has Met Its First Real Bill.","tokens":"billion value 04 15 2031 50 70 against capacity concrete core enough four gigawatts holdings justify makes market name nebius non owns revenue"},{"type":"person","title":"Oscar Hattink","url":"/people/oscar-hattink/","excerpt":"Oscar Hattink is named in 1 Part of The Buildout, most recently Part 4: AI Spending Has Met Its First Real Bill.","tokens":"letter 04 2026 burden customer day gee kevin puts relaying"},{"type":"person","title":"Prof G Markets","url":"/people/prof-g-markets/","excerpt":"Prof G Markets is named in 10 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.","tokens":"mia silverio billion amazon google quarter year ai revenue anthropic backlog bill cash data estimate first nearly october spending supplied 11 15 2025"},{"type":"person","title":"Quanta 72","url":"/people/quanta-72/","excerpt":"Quanta 72 is named in 3 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 4 (The spending is defense), Part 17…","tokens":"ai oracle cash com dot campus 2028 advertising blue capital cloud commerce cover delay era flow flows fund investors notice nvidia owl payments"},{"type":"person","title":"Ren","url":"/people/ren/","excerpt":"Ren is named in 10 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 6 (Scarcity as a moat), Part 8 (Real…","tokens":"ai cash demand power compute every faster five inference model months year years 14 2026 agents astra bloom capex change cost covers eighteen"},{"type":"person","title":"Reyk Knuhtsen","url":"/people/reyk-knuhtsen/","excerpt":"Reyk Knuhtsen is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First. Argued in Part 13 (The plant is late).","tokens":"gigawatts gw phantom 311 410 85 against april assessing demand ercot peak texas time 18 2026 87 acknowledge approved become behind center constraint"},{"type":"person","title":"Robin Millican","url":"/people/robin-millican/","excerpt":"Robin Millican is named in 1 Part of The Buildout, most recently Part 13: The Ratepayer Pays First.","tokens":"30 bill bordoff columbia costs energy exchange fixes grid hosts incremental jason june large loads loveless make pay structural tariffs"},{"type":"person","title":"Ruben Dominguez","url":"/people/ruben-dominguez/","excerpt":"Ruben Dominguez is named in 1 Part of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It..","tokens":"exposure 09 budget collides corporate every gives person regulator saving time version wins"},{"type":"person","title":"S&P Global Ratings","url":"/people/s-p-global-ratings/","excerpt":"S&P Global Ratings is named in 1 Part of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"oracle 2026 2027 2029 2036 260 added agency balance bbb billion commences counts cutting debt enters expected fiscal forecast july late leases least"},{"type":"person","title":"Sam Badri","url":"/people/sam-badri/","excerpt":"Sam Badri is named in 2 Parts of The Buildout, most recently Part 11: The Backlog Is Not the Quarter.","tokens":"cisco eisman nine 09 28 agents built chips described draining earlier estimates habit inflection land large moat months orders point program prompt real"},{"type":"person","title":"Schwar Capital Research","url":"/people/schwar-capital-research/","excerpt":"Schwar Capital. Schwar Capital Research is named in 1 Part of The Buildout, most recently Part 11: The Backlog Is Not the Quarter. Argued in Part 11…","tokens":"million 40 50 57 71 q3 revenue third whether 61 earning expects gross management margin record shipping 142 19 1x 2025 30 above"},{"type":"person","title":"Scott Galloway","url":"/people/scott-galloway/","excerpt":"Scott Galloway is named in 2 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. 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Ycg Investments is named in 1 Part of The Buildout, most recently Part 17: The Guarantee Has No Date.","tokens":"2026 amazon below cash debt enough flow free letter microsoft once paid push quarter second spend turning wrote zero"},{"type":"note","title":"Every AI story is a financing story.","url":"/editorial-notes/#note-01","excerpt":"Models make headlines. Balance sheets make cycles. A product launch tells you what a company can do; a $35 billion debt tranche tells you what it has…","tokens":"01 break breaks capital contracts credit cycle decided editorial money moves note notes power promised spending start"},{"type":"note","title":"The bubble question is the wrong question.","url":"/editorial-notes/#note-02","excerpt":"Bubbles are diagnosed at the funeral. What can be measured today is who carries the risk and on what terms. 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Its Financing Is Fragile. Next depreciation tests. Pending.","tokens":"chips p01 signal t03","part":1},{"type":"test","title":"Quarterly deployed gigawatts will test the roughly 10 GW site plan against 0.4 GW operating now.","url":"/docket/#test-p02-t01","excerpt":"Part 02, SpaceX Is Funding an AI Bet Before the Proof. Jan 1, 2027. Pending.","tokens":"01 buildout capital markets p02 t01 window","part":2},{"type":"test","title":"Anthropic’s $1.25B monthly commitment expires; payment durability will test contracted AI demand.","url":"/docket/#test-p02-t02","excerpt":"Part 02, SpaceX Is Funding an AI Bet Before the Proof. By May 31, 2029. Pending.","tokens":"01 05 capital markets month p02 t02","part":2},{"type":"test","title":"Bond pricing will show whether lenders still trust Starlink to carry AI spending.","url":"/docket/#test-p02-t03","excerpt":"Part 02, SpaceX Is Funding an AI Bet Before the Proof. Next bond tranche. 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Oct 31, 2026. Pending.","tokens":"edgar concentration confidential customer day draft filing inconclusive markets october p12","part":12},{"type":"test","title":"Nvidia reports: whether it names the labs among its largest customers, against Eisman's September 21 count of roughly…","url":"/docket/#test-p12-t04","excerpt":"Part 12, The Model Is Not the Price. Nov 18, 2026. Pending.","tokens":"11 70 ai day hyperscalers markets november p12 revenue t04","part":12},{"type":"test","title":"The prospectus: whether the gross margin clears half of revenue, and revenue tied to investors against Distillate's…","url":"/docket/#test-p12-t05","excerpt":"Part 12, The Model Is Not the Price. When it files. Pending.","tokens":"15 180 back billion committed count july markets p12 pledged signal","part":12},{"type":"test","title":"The prospectus's customer note: whether the customers at a tenth of sales or more add up to a fifth of revenue, against…","url":"/docket/#test-p12-t06","excerpt":"Part 12, The Model Is Not the Price. When it files. Pending.","tokens":"count markets october p12 quarter signal silverio t06","part":12},{"type":"test","title":"The federal price data for August: whether the median twelve-month rise in household prices across PJM's nine…","url":"/docket/#test-p13-t01","excerpt":"Part 13, The Ratepayer Pays First. Oct 20, 2026. Pending.","tokens":"10 11 42 above against four july jurisdictions late least markets","part":13},{"type":"test","title":"PJM's capacity auction for the year from June 2029, as scheduled: whether it clears below the price ceiling, the second…","url":"/docket/#test-p13-t02","excerpt":"Part 13, The Ratepayer Pays First. Dec 9, 2026. Pending.","tokens":"09 12 day december exit house markets p13 t02 view","part":13},{"type":"test","title":"The federal data for all of 2026: the same four-point test, with Texas below the national change.","url":"/docket/#test-p13-t03","excerpt":"Part 13, The Ratepayer Pays First. Feb 22, 2027. Pending.","tokens":"02 february late markets p13 t03 window","part":13},{"type":"test","title":"Alphabet's September quarter: whether capital spending takes 80 cents or more of each dollar of operating cash, after…","url":"/docket/#test-p14-t01","excerpt":"Part 14, The Cash Arrives Unevenly. Oct 28, 2026. Pending.","tokens":"10 49 95 day earlier first half markets october p14 t01","part":14},{"type":"test","title":"The four's September-quarter reports on EDGAR: whether combined purchases of property and equipment topped combined…","url":"/docket/#test-p14-t02","excerpt":"Part 14, The Cash Arrives Unevenly. Nov 10, 2026. Pending.","tokens":"11 96 day june markets november operating p14 t02","part":14},{"type":"test","title":"The 2027 budgets of Alphabet, Amazon and Meta: whether the midpoints sum to at least 25% more than the three spent in…","url":"/docket/#test-p14-t03","excerpt":"Part 14, The Cash Arrives Unevenly. Feb 12, 2027. Pending.","tokens":"02 2026 day february markets p14 t03","part":14},{"type":"test","title":"The full year: whether the four's purchases topped their operating cash across calendar 2026, after 91.4% in the first…","url":"/docket/#test-p14-t04","excerpt":"Part 14, The Cash Arrives Unevenly. Feb 16, 2027. Pending.","tokens":"02 day february half markets p14 t04","part":14},{"type":"test","title":"The 10-year: whether FRED's daily series closes at 5.50% or higher on any business day from October 16 through December…","url":"/docket/#test-p15-t01","excerpt":"Part 15, Oil Is the Headline. The Real Yield Is the Bill. Dec 31, 2026. Pending.","tokens":"12 high markets p15 t01","part":15},{"type":"test","title":"The barrel: whether the EIA's January outlook puts Brent's fourth-quarter 2026 average above the $105 a barrel it…","url":"/docket/#test-p15-t02","excerpt":"Part 15, Oil Is the Headline. The Real Yield Is the Bill. Jan 12, 2027. Pending.","tokens":"01 day forecast markets october p15 t02","part":15},{"type":"test","title":"Expectations: whether FRED's 5-year, 5-year forward inflation rate averages above 2.60% in March 2027, from 2.32% on…","url":"/docket/#test-p15-t03","excerpt":"Part 15, Oil Is the Headline. The Real Yield Is the Bill. Apr 1, 2027. Pending.","tokens":"01 04 2026 april day markets october p15 t03","part":15},{"type":"test","title":"The trade: whether the Thrift Savings Plan's C Fund, an S&P 500 index fund, closes 10% or more below its highest close…","url":"/docket/#test-p15-t04","excerpt":"Part 15, Oil Is the Headline. The Real Yield Is the Bill. Mar 31, 2027. Pending.","tokens":"day march 03 16 2026 markets october p15 t04","part":15},{"type":"test","title":"Nvidia reports its quarter to October 25, 2026: whether days sales outstanding, receivables over revenue times 91, hold…","url":"/docket/#test-p16-t01","excerpt":"Part 16, The Seller Holds the Paper. Nov 18, 2026. Pending.","tokens":"july 11 26 51 59 above average day markets november p16","part":16},{"type":"test","title":"Nvidia reports: whether the guarantees note in its 10-Q puts total maximum exposure above $108.5 billion, the figure in…","url":"/docket/#test-p16-t02","excerpt":"Part 16, The Seller Holds the Paper. Nov 18, 2026. Pending.","tokens":"11 26 day july markets november p16 t02 table","part":16},{"type":"test","title":"Nvidia reports: whether its 10-Q puts AI cloud agreements, cloud services it commits to buy from its own customers…","url":"/docket/#test-p16-t03","excerpt":"Part 16, The Seller Holds the Paper. Nov 18, 2026. Pending.","tokens":"11 26 36 above billion day july markets november p16 t03","part":16},{"type":"test","title":"Nvidia reports: whether the direct customers listed at 10% or more of receivables hold more than 70% together, after…","url":"/docket/#test-p16-t04","excerpt":"Part 16, The Seller Holds the Paper. Nov 18, 2026. Pending.","tokens":"11 26 day five held july markets november p16 t04","part":16},{"type":"test","title":"Anthropic's first public registration statement: its first audited revenue, and how much of it runs through investors…","url":"/docket/#test-p16-t05","excerpt":"Part 16, The Seller Holds the Paper. When filed. Pending.","tokens":"compute markets p16 sell signal t05","part":16},{"type":"test","title":"The year-end filings: whether the leases not yet begun at the five pass $1.2 trillion as printed at December 31, 2026…","url":"/docket/#test-p17-t01","excerpt":"Part 17, The Guarantee Has No Date. Feb 16, 2027. Pending.","tokens":"02 118 billion day february markets mid p17 t01","part":17},{"type":"test","title":"Alphabet's annual report: whether the liability on its data center credit derivatives passes 1.86% of notional at…","url":"/docket/#test-p17-t02","excerpt":"Part 17, The Guarantee Has No Date. Feb 16, 2027. Pending.","tokens":"2026 02 30 31 day december february june level markets p17","part":17},{"type":"test","title":"Oracle's second quarter: whether customer prepayments with a financing component pass 40% of operating cash for the six…","url":"/docket/#test-p17-t03","excerpt":"Part 17, The Guarantee Has No Date. Dec 14, 2026. Pending.","tokens":"12 30 31 49 august day december markets months november p17","part":17},{"type":"test","title":"Meta's annual report for 2026: whether it consolidates Hyperion or records a liability above zero for its residual…","url":"/docket/#test-p17-t04","excerpt":"Part 17, The Guarantee Has No Date. Feb 26, 2027. Pending.","tokens":"02 30 day february guarantees june markets neither p17 t04 value","part":17}]}