All on the Line · Series
Where the durable money in artificial intelligence sits: the grid as the binding constraint, the asset clock, manufactured power, and the megawatt as the unit of account.
Rent per kilowatt, refresh reserves, and why the megawatt, not the GPU, is the unit of AI economics.
The AI power race won’t be won by the cleanest source or the fastest chip, but by whoever turns clean power into a product first.
Why the same GPU can be obsolete, productive and irreplaceable at once, and what it means for depreciation, cloud margins and AI economics.
AI infrastructure is funded. The grid is not. Why the physical constraint no one is pricing may determine whether AGI arrives on schedule.
