Analysis of trends, sectors, and systems. The same lens the garden applies to essays — where does framing diverge from function? — turned toward markets and infrastructure.
The AI infrastructure series follows the physical chain beneath the digital narrative: transformers deliver the power, copper carries it, cooling dissipates the heat. Read in order from the bottom up.
- 2026-04-16 →
Week One
One week in, all three theses are holding — but the details are more interesting than the price moves. Half of planned US data centers delayed. A CEO died. A 50% tariff appeared. And the cooling sell-off confirmed itself as a buying opportunity.
- 2026-04-11 →
The Heat Wall
AI's power gets delivered by transformers and carried by copper. Then it becomes heat. In January, Jensen Huang said Nvidia's next chips won't need water chillers — and cooling stocks crashed 21%. The market panicked about the wrong thing.
- 2026-04-09 →
The Transformer Bottleneck
Everyone frames AI as a digital revolution — chips, models, software. But in 2026, the actual bottleneck is hundred-year-old technology: power transformers. The framing is digital. The function is electrical.
- 2026-04-10 →
The Copper Squeeze
The transformer bottleneck is downstream of a deeper one: copper. Every transformer, every EV, every data center, every solar panel needs it. New mines take 20-30 years to open. Demand is rising 50% by 2040. Supply can't keep up.