The Archive — Drawer

Infrastructure

The physical and financial plumbing beneath the screen.

Markets rarely break where the crowd is looking. They fail at the points of transfer — where old materials meet new ambition.

A visual dossier on the capital, power, and depreciation behind the AI infrastructure cycle.

The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.

Crypto market structure is, at last, becoming infrastructure. The interesting question is no longer what it can do, but how it wears.