The GPU Economy Is Becoming a Power Economy

Welcome to the first issue of The Compute.

The premise of this publication is simple: the most important industrial buildout of our era is happening behind the chatbots, and it is under-covered relative to its scale. Chips, memory, land, water, turbines, transformers, capital. We track the machine economy that makes intelligence run.

This week we start where the industry's center of gravity has moved — from silicon allocation to electricity. Two pieces: one on the macro shift, one on how to read a gigawatt announcement without being fooled.