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Power, Grid Access, and the Consolidation of AI Compute Capacity

As AI infrastructure demand strains energy systems and supply chains, control over power access, chip supply, and manufacturing capacity is concentrating among a shrinking set of well-capitalised actors, reshaping the competitive landscape for everyone downstream.

4 signals tracked

  1. FERC mandate and Amazon chip pivot favour hyperscaler vertical integration

  2. IPO pipeline, Shazeer defection, and Nvidia bond raise signal consolidation phase

  3. SpaceX's $60B Cursor deal, DeepSeek's raise, and OpenAI's $3.7B quarterly burn define the new frontier cost floor

  4. OpenAI and Anthropic signal simultaneous, open-ended capital hunger