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.
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.