01
The Invisible Constraint of AI Infrastructure
Optical networking is quietly becoming the nervous system of modern AI data centers as copper reaches its physical limits.
Read analysisIndependent research / 2026
Where capital
meets compute.
Research and commentary on the infrastructure, markets, and technologies shaping the next decade.
01 / Focus
Markets
AI infrastructure
Semiconductors
PowerOptical networksCapital cyclesSovereign computeBitcoin
Selected research
Recent thinking
Long-form analysis at the intersection of technology, capital, and the real economy.
02
Markets Are Pricing the Wrong Risk
Consensus has converged on a narrow set of macro scenarios. Here is what is being systematically underpriced.
Read analysis03
Semiconductors and the Next Compute Arms Race
The competitive dynamics reshaping the global supply chain—and AI's long-term trajectory.
Read analysis04
The Rate Cycle Nobody Prepared For
Policy rates may come down, but the real cost of capital is staying structurally higher.
Read analysis05
Power Is the New Constraint
The next bottleneck is not compute—it's electricity, land, and the regulatory process.
Read analysis06
Private Credit's Quiet Reckoning
The easy phase is over. What comes next rewards real underwriting discipline.
Read analysis07
AI Infrastructure Is Becoming the New Oil
Capital is converging on power, chips, and sovereign compute.
Read analysisLooking for the full catalogue?
Browse the writing archivePoint of view
The most important stories sit between categories.
01Follow physical constraints before financial narratives.
02Study capital cycles as carefully as product cycles.
03Prefer durable systems thinking over short-term noise.