Restricted Access: Institutional Research
2025 AI Infrastructure State of the Market
Investing in AI infrastructure without this data is like building a race car while the track is being paved through a swamp. Avoid the "Depreciation Cliff" and the "Grid Bottleneck."
Read by teams at Blackstone, KKR, and CoreWeave
1. The Investment Memo
"Why 40% of H100 loans will be underwater by 2026."
- The 18-Month Half-Life: Why H100 values collapse 50% in 2 years, defying 6-year GAAP schedules.
- Circular Financing: Exposing "Shadow Banking" loops where vendors fund their own buyers.
2. The Grid Bottleneck
"The 5 substations in Ohio that still have capacity."
- The 85% Tariff Trap: Navigating Ohio's (DCT) take-or-pay mandates.
- Substation Premium: Why land value drops 90% if you are >3 miles from 345kV lines.
3. The Deployment Guide
"The $120/kW colocation arbitrage map."
- Tier 2 Arbitrage: Validating the massive pricing delta in Atlanta & Chicago vs Silicon Valley.
- The Inference Wall: Why 100kW+ densities force a mandatory pivot to liquid cooling.
4. State Power & Sovereignty
"Why compute is the new instrument of national sovereignty."
- Vertical Capitalization: How private credit is replacing equity funding for 'AI Factories'.
- BTM Independence: Bypassing the 8-year utility queue with on-site nuclear (SMR) & gas.
Secure Your Position Before the 2026 Depreciation Cliff
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