The infrastructure of intelligence, rendered
Latest — Issue 003 · Jun 24, 2026
The Data Center Wants Its Own Power Plant
Behind-the-meter gas, restarted reactors, liquid-cooled racks, and the orbital bid. Issue 003 goes inside the campus-as-utility.
Track the machine economy.
GPUs, memory, power, capital — one issue, weekly. No noise.
Coverage lanes
Latest reporting
The Orbital Bid
SpaceX just took the orbital data center public at a $2 trillion valuation — while its S-1 quietly admits the idea may never make money. Both facts are the story.
Aaron · Jun 24, 2026 · 3 min
Cooling Is Eating the Rack
At 130 kW per rack, air is over. Liquid cooling is now a first-order design constraint — and a supply chain of its own.
Aaron · Jun 24, 2026 · 2 min
The Data Center Wants Its Own Power Plant
Behind-the-meter generation, restarted reactors, and gas turbines in the parking lot: the campus is becoming a utility.
Aaron · Jun 24, 2026 · 2 min
HBM4: The Bottleneck Has a Roadmap
The next generation of high-bandwidth memory moves the base die to a logic process — and moves the industry's center of gravity again.
Aaron · Jun 17, 2026 · 2 min
Memory Is the New Oil
Three companies control the substance every AI accelerator needs. The market has finally noticed.
Aaron · Jun 17, 2026 · 2 min
Gigawatts Are the New Benchmark
MLPerf told you whose chips were fastest. The interconnection queue tells you who ships.
Aaron · Jun 10, 2026 · 2 min
Issues
All issues →The database behind the letter
Every issue is synthesized from a structured research layer. Source documents are ingested, atomic claims are extracted and verified, and events are reconstructed from corroborated claims — separately from editorial interpretation.