05.25
The Order Book Hits the Tape
The AI power buildout has moved from forecast to order book. The richest companies in the world are prepared to spend almost without limit. They have discovered that money cannot manufacture time.
Energy security × Hyperscaler capex
Energy security underwrites the political durability of hyperscaler capex at $725B. Post 054 names the March 4 White House pledge as the policy instrument that converted security urgency into a binding hyperscaler commitment.