Datacenters & Digital Infrastructure

Maps the AI-infra supply chain (DOE supercomputers, neoclouds, power/cooling vendors) on GB300 NVL72; Solstice 100k Blackwell, xAI Colossus 2 500k+ GPUs

First-party central-bank confirmation that AI data-center construction is now a primary driver of US business fixed investment and GDP growth: business fixed investment +11% annualized Q1 2026 vs +5.5% in 2025, explicitly attributed to AI-infrastructure buildout

ACTUAL Q2 2026: Google Cloud rev $24.8B (+82% YoY), Cloud op margin 35.6%, Q2 capex $44.9B; free cash flow NEGATIVE $(5.9)B as capex outran OCF, funded by $49.6B equity raise + $20.3B notes. FY capex guide and RPO backlog absent from the exhibit (call/10-Q items).

ACTUAL Q2 2026: capex $5.79B (+142% YoY) turned FCF NEGATIVE $(1.1)B; AI Training Compute table moved AND switched units to MW (Cortex 1 >90MW, Cortex 2 >115MW, both Production; onsite Texas compute more than doubled H1); self-funded by drawing $1.2B cash, no capital raise.

ACTUAL Q2 2026: revenue $5.46B beat the $5.00-5.40B guide top, 'data center' named a growth leader; analog upcycle confirmed (Analog +26% YoY, Q3 guide steps up to $5.65-6.15B). Supply-side mirror: TXN capex falling ($4.9B->$3.3B TTM), FCF +271% YoY as its 300mm buildout crests.

First primary vendor spec in the KB for GB300 NVL72 rack power: 135 kW rack TDP, up to 155 kW peak (50V DC), 72 B300 GPUs + 36 Grace CPUs, ~90% liquid / 10% air. Fills the topic's OLDEST unfilled gap — kW/rack — absent across the prior 13 sources. As-of doc date 2026-07-15.

First neocloud PRIMARY source in the KB. Q1 2026 (qtr ended Mar-31-2026): revenue $2.08B, revenue backlog $99.4B, active power >1 GW / contracted >3.5 GW, Q1 capex $7.70B (~3.7x revenue), operating loss $(144)M, net loss $(740)M; Meta $21B commitment named. Fills the CoreWeave/neocloud-financials gap AND feeds backlog-double-counting (its backlog is contracted to the same hyperscalers whose own backlogs the KB tracks). Q2 2026 not yet released (mid-Aug).

Second hyperscaler fleet PUE/WUE on a stated scope boundary, two comparable fiscal years: global PUE 1.16 (FY24) -> 1.17 (FY25) — WORSE — while WUE improves 0.30 -> 0.27 L/kWh. Regional: Americas 1.16/0.34, APAC 1.28/0.25 (WUE up from 0.03), EMEA 1.16/0.03. Scope EXCLUDES leased capacity and any site under 12 months operational.

2026 hyperscaler capex ~$725B (+77% YoY): Amazon ~$200B, MSFT ~$190B, Google $175-185B, Meta $115-135B; ~50% compute / ~35% plant / ~15% power

Power is the binding constraint; 2026 capex >$600B; 770 facility pipeline; 36+ projects ($162B) stalled; Meta >10GW target

Names the $660-690B aggregate 2026 hyperscaler capex range (vs ~$380B 2025) with per-company breakdown; hyperscalers now supply-constrained not demand-constrained; power flagged as the binding deployment constraint

TSMC Q2 2026 record revenue (NT$1.27T, +36% YoY), full-year AI growth outlook raised above 40%; CoWoS advanced-packaging capacity and N3 node confirmed sold out through end-2026 with lead times into 2027 — the binding constraint on datacenter GPU supply

YTD 2026 data-center construction spending ($58.1B through May) is 4x the 2025 record pace; data centers now >20% of all US nonresidential building starts; power-infrastructure construction forecast +30.8% in 2026

Tesla's in-house 500MW AI-training data center (Cortex 2) at Giga Texas — a vertically-integrated, non-hyperscaler/non-neocloud example pairing GPU clusters directly with on-site Megapack power storage

Samsung preliminary Q2 2026 guidance: operating profit ~19x YoY on HBM/DRAM pricing tightness — memory-side confirmation of AI-datacenter demand pull, ahead of the Jul-23/Jul-30 print window

Pre-print framing ahead of Alphabet's Wed Jul-22 print: capex guidance revision + Google Cloud backlog ($462B) are the watched signals, not headline EPS; FY2026 capex guide $180-190B

Quantifies the grid-interconnect queue the power thesis was missing: 3-4 year waits in data-center load zones, >300 GW combined PJM+ERCOT queue across ~1,500 projects (as-of May 2026); shortfall is queue throughput/deliverability, not raw MW (queue holds enough on paper through 2030). Fills the June-flagged interconnect-queue-wait-time gap.

Fills the long-absent 'capex per MW' gap — the master unit of the buildout: ~$59M/MW all-in (~$30M IT + ~$29M infra), ~$15M/MW/yr lease revenue, ~$1M/MW opex, ~4yr payback. Unit economics as-of ~April 2025 (Crusoe CEO pricing), republished May 2026; single-operator estimate. Note divergent bases: shell-only ~$11.3M/MW, AI shell+fit-out ~$37.3M/MW.

Puts a capacity trajectory on the CoWoS bottleneck (genuinely new vs the existing 'sold out' source): TSMC ~120-140K wafers/mo + OSAT 50-60K = ~200K industry in 2026; supply-demand gap ~20% -> ~10% by end-2026 (narrows but does not close); >80% CAGR 2022-2027. Fills 'CoWoS realized capacity vs the 130K target' gap. Secondary (not a TSMC filing). As-of 2026-06-15.

Eleven-chapter primer on power-plant economics and US ISO markets. Carries the two implied-price anchors for AI power deals: Anthropic-TeraWulf $19B / 400MW / 20yr from H2 2027 => ~$271/MWh WITHOUT GPUs, vs SpaceX-Reflection ~$5000/MWh WITH GPUs. Also LMP as the Lagrange multiplier of the location balance constraint, the spark spread formula, and BTM as queue-avoidance bought with siting cost.

The mechanism behind the water number: a 2024 closed-loop direct-to-chip design that rejects heat to AIR and 'consumes zero water for cooling during operations' — i.e. a water-for-power substitution. WUE series 2.3 -> 0.27 L/kWh by 2025; 2030 target 40% intensity cut vs a 2022 baseline with 25% achieved; FY25 first water-positive year; alt-water share Quincy 74% / Singapore 99% / San Antonio 79%.