Jeremie Eliahou Ontiveros

Jeremie Eliahou Ontiveros × Reyk Knuhtsen × Jordan Nanos

SemiAnalysis argues SpaceX could bring 10 GW of AI capacity online in 2027, selling scarce “emergency megawatts” for roughly $50 million per MW-year.Modeled frontier inference near $100 million per MW-year could repay GPUs in under a year and make NVIDIA financing plausible.Microsoft’s late-2027–28 capacity gap supports demand, while permitting, chips, uptime and political restrictions remain risks.

Jordan Nanos × Jeremie Eliahou Ontiveros × Joey Brookhart × Crystal Huang

AWS’s margins are rising while it adds more than a gigawatt of capacity per quarter, signaling a shift toward higher-margin Bedrock token sales.Claude represents an estimated 80%-93% of Bedrock usage, while Anthropic’s API-led growth reaches $47 billion ARR.Whether this operating leverage survives stabilized utilization, coding-token cuts, and the SpaceX/xAI capacity deal remains the key risk.

Jordan Nanos × Doug O’Laughlin × Jeremie Eliahou Ontiveros

PJM’s 15–20% electricity-bill spikes are presented mainly as a market-design failure: a once-yearly auction and forecast lag collided with new load, while supply accreditation cuts removed roughly 40 GW, including 14 GW from methodology changes.Custom tariffs and long-term minimum-demand agreements such as Oracle’s Michigan deal can keep underused infrastructure costs off ratepayers, while Anthropic’s accelerating ARR and disputed model-specialization thesis broaden the infrastructure and application-layer stakes.

Andrew Walker × Jeremie Eliahou Ontiveros

AI has broken the data-center growth curve: 2024 NVIDIA hardware added about 5 GW of demand versus roughly 4 GW of global annual IT-capacity growth from 2019 through 2023.That shortage supports infrastructure suppliers and NVIDIA’s networking-led inference moat, but the cycle ultimately depends on traffic, OpenAI and perhaps Claude revenue indicators, and whether users pay $20 or $200 monthly.