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.
Hyperscaler capex × Opec restructuring
Hyperscaler capex and OPEC restructuring pair through the macro-overlay shift Post 054 introduces: if the Hormuz unwinding lowers oil prices, hyperscaler operating-cost models reprice while their capex commitments persist.