Jordan Nanos

Maya Barkin × Reyk Knühtsen × Jordan Nanos × Jeremie Eliahou Ontiveros

Mapping 400+ local instruments against 3,500 projects finds 300+ moratoriums but only three projects actively affected: AWS, NorthPoint, and CoreSite.Roughly 80% of live restrictions have no capacity behind them, leaving the forecast unchanged and making behind-the-meter power more attractive; New York delays roughly 800MW by 6–10 months, while an off-grid-blocking Texas-scale ban is key risk.

Robert Boswell × Jordan Nanos

PJM’s capacity-auction modeling—not data-center demand alone—is estimated to have made $12B of the $63B spent across its last four auctions avoidable.Constrained supply, “endless summer” demand assumptions, and pay-as-clear pricing amplify marginal scarcity across 66 million people, while a September or October emergency auction could commit up to $21B through 2042–43 if data-center load fails to arrive.

Jeremie Eliahou Ontiveros × Reyk Knuhtsen × Ellie Holbrook × Jordan Nanos

The claim that half of 2026 US data-center capacity was canceled fails a denominator check: SemiAnalysis says early-stage options were mistaken for committed builds, while its forecasts moved less than 5%.The sharper bottleneck is execution at financed projects such as Oracle’s Project Jupiter, supporting more than 40 GW of behind-the-meter additions by 2028 but leaving gas, permits, equipment, and schedules as catalysts and risks.

Jordan Nanos × Jeremie Eliahou Ontiveros × Nicolas Bontigui × Haroon Inam

AI rack density is pulling data centers toward 800 V DC, which can deliver almost triple the power through the same copper while reducing conductor weight, cost, and I²R losses.DG Matrix’s multi-port SST roadmap targets 400 kW units today, 6 MW in 2027, and 10 MW in 2028, but adoption timing, mixed hardware, protection requirements, grid bottlenecks, and cybersecurity remain material execution risks.

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.