Research Archive
Weekly notes on the AI supply chain.
We publish subject-driven work on chips, infrastructure capex, power bottlenecks, networking, and the companies capturing value as AI scales into a physical industry.
Why Power Is the Bottleneck for AI
The next wave of AI capex is no longer constrained by demand for GPUs alone. Grid capacity, transformers, switchgear, turbines, and cooling are increasingly the hard limit.
Featured article
This week’s lead piece anchors the core argument behind the buildout — where demand is accelerating, where bottlenecks persist, and where value is accruing.
HBM Is Becoming the Real Scarcity Layer in AI
As AI accelerators become more capable, the bottleneck is shifting toward high-bandwidth memory, advanced packaging, and the small number of suppliers that can actually ship the full stack.
Custom Silicon Could Become the Second Wave of AI Capex
The first phase of AI spending rewarded general-purpose accelerator leaders. The next phase may increasingly reward the companies that can design custom silicon around specific workloads, economics, and deployment constraints.
The Cooling Stack May Be the Hidden Bottleneck in AI
As rack densities climb and liquid cooling becomes standard, thermal management is shifting from a data-centre detail into a core dependency of the AI capex cycle.
The Networking Economics of AI Clusters
As clusters scale from thousands to hundreds of thousands of accelerators, the network stops being plumbing and starts becoming core economic infrastructure.
The AI Supply Chain Thesis: Why This Is an Industrial Revolution, Not Just a Software Cycle
Why AI is an industrial revolution — not just a software cycle — and what it means for investors tracking the physical infrastructure buildout from chips to power to trillion-dollar clusters.