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.
Strait of hormuz × Hyperscaler capex
Strait of Hormuz and hyperscaler capex are linked by macro-overlay risk: a Hormuz reopening could ease the geopolitical pressure that has framed capex commitments. Post 054 highlights the decoupling between the macro shock and the physical buildout.