Infrastructure notes

DC Decoded

Clear-eyed observations on the systems, constraints and commercial choices behind digital infrastructure.

Originally published on Substack6 min read

$3 Trillion in Data Centers by 2030

A plain-language guide to why data centres are measured in power, what a gigawatt means and where the enormous investment requirement comes from.

Originally published on Substack5 min read

The old real-estate mental model for data centres is breaking down as rack density and reliable power become the defining constraints.

Originally published on Substack6 min read

A closed strait, a disrupted helium supply and the hidden dependency connecting geopolitics, semiconductors and AI infrastructure.

Originally published on Substack12 min read

The AI infrastructure buildout is not a single market. It is a chain of value pools, and different companies win at different stages.

Originally published on Substack3 min read

Why the centre of gravity in AI infrastructure may move from building models to running them at scale.

Originally published on Substack7 min read

The energy may exist, but delivering it reliably is a different challenge—especially as data-centre demand accelerates.

Originally published on Substack5 min read

What changes when data-centre developers stop bringing power to computing and begin bringing computing to stranded energy.

Originally published on Substack5 min read

A lesson from evaluating real businesses: revenue tells a story, but free cash flow reveals whether the business is truly healthy.