The Boldest Measure May Be the Safest
How new financing chains could extend the AI investment boom — and how we would recognise the point at which financing becomes financial alchemy.
Editorial Research
Independent thematic research and long-form essays on capital, industry, technology and future cashflows.
Research & Essays
Long-form thematic analysis
AI Infrastructure, Capital and Power — A three-part analysis of how the build-out of artificial intelligence is becoming an industrial and financial power complex.
Apparently, $500 Billion Is Not Enough
NVIDIA, OpenAI and SB Energy show how technology, energy infrastructure and US capital markets are becoming intertwined — and why that could create a strategic advantage in the AI race.
What Must the Future Earn?
When governments, hyperscalers and infrastructure investors compete for capital at the same time, the decisive question is no longer simply who can invest — but which future cash flows can support the capital being deployed.