
Quantitative analysis of AI infrastructure—for the founders and operators building it and the investors funding it.
| Platform | Pricing | Only free issues | Publishes | Weekly | |
|---|---|---|---|---|---|
| Issues | 93 | Founded | 4 years ago | Last Issue | 6 days ago |
| Active | |||||

In brief
The hardware lasts longer than either side of the depreciation debate assumes. The operators have the fleet data.
A GPU’s earning power is front-loaded in a way no hyperscaler’s depreciation schedule reflects.
Hypers...
In brief
Two kinds of chokepoints: technology monopolies and capacity monopolies. ASML owns the first kind. Blackstone has assembled the largest position in the second. None of the ten can be routed around inside 24 months.
Growth...
Bottom line
GPU debt went from ~14% private credit in 2023 to A3 / SOFR+225 in 2026. More than $20B of GPU-backed facilities have been announced.
The market learned that the real collateral is contracted cash flow. Cor...
The NVL72 has become one of the basic units of account for Blackwell-scale AI infrastructure — capacity deals, neocloud debt, and NVIDIA revenue models are increasingly denominated in racks. Yet the most-quoted number, “a $3 million rack,”...
In February, AMD’s MI355X served Qwen3.5 at 192 tokens per second per GPU. In M...
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The writers behind this newsletter.
Partner at Wing | AI Infrastructure
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