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 × Data center delays
Energy security and data center delays sit on opposite sides of the same equation: the security narrative drives capex commitment, but physical equipment delays cap actual buildout regardless. Post 054 documents the empirical gap.