Compute Is Becoming an Asset Class — and Nobody Has Priced the Downside Yet

Leases, debt facilities, revenue shares and now insurance: AI compute is being financialised faster than anyone has built a model for what it is worth when it stops being scarce.

Megawatts Over Models: AI's Next Constraint Is Power, Not Algorithms

A run of mid-2026 deals — a nuclear-powered data center, a $6.3B GPU lease, photonic interconnects — shows the AI frontier moving from code to physical infrastructure.

AI's Money Is Moving Down-Stack: Why Silicon and Sensors Are the New Frontier

A cluster of smaller July deals — licensable GPU IP, silicon photonics, robotics perception — suggests the AI buildout is shifting from the models to the hardware beneath them.