SemiAnalysis

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.