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
Capital Cycles
How money learns the same lesson, slowly, again.
← All drawers
Note12 May 2026 · 1 min
A note on compute leases
A short note from the desk.
Letter 01307 May 2026 · 2 min
The Cost of Light
The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.
Letter 01223 April 2026 · 2 min
A Geneva Corridor
On capital cycles, patience, and the long hallway between two doors marked "this time is different."