Note16 June 2026 · 4 min
The renderings
A note from the desk, looking up.
The Archive — Drawer
Infrastructure
The physical and financial plumbing beneath the screen.
← All drawers
Letter 01516 June 2026 · 5 min
The Folly
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.
Letter 01421 May 2026 · 3 min
The Junctions
Markets rarely break where the crowd is looking. They fail at the points of transfer — where old materials meet new ambition.
Dossier14 May 2026 · 1 min
The Compute Build-Out
A visual dossier on the capital, power, and depreciation behind the AI infrastructure cycle.
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 01109 April 2026 · 1 min
Rails and Their Wear
Crypto market structure is, at last, becoming infrastructure. The interesting question is no longer what it can do, but how it wears.