There is a spectacular structure being drawn in the sky. The market is pricing it as a building you can occupy. It is, for now, a folly — and the foundation that matters is being poured at ground level, where nobody is looking.
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.
On capital cycles, patience, and the long hallway between two doors marked "this time is different."