Dossier14 May 2026 · 1 min
The Compute Build-Out
A visual dossier on the capital, power, and depreciation behind the AI infrastructure cycle.
The Archive — Drawer
AI & Compute
The new heavy industry, priced as if it were light.
A visual dossier on the capital, power, and depreciation behind the AI infrastructure cycle.
A short note from the desk.
The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.