All on the Line · Series
Four essays on where the durable money in artificial intelligence sits. The grid, not the model, is the binding constraint on the schedule; the same GPU can be obsolete, productive, and irreplaceable at the same time; clean power wins by becoming a product; and the durable income statement of artificial intelligence is written per megawatt.
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 the same time — 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.
1.AI Rents in Megawatts · 15 July 2026
2.The Last Monument in the AI Economy · 2 July 2026
3.The Useful Life of a Useful Life · 2 June 2026
4.Ask Not if We Can Build AGI Models, Ask if We Can Power Them · 6 May 2026
