Tag: AI infrastructure
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GPU-Backed Loans Went Investment-Grade. The Chips Still Depreciate
Key Takeaways CoreWeave closed the first investment-grade GPU-backed loan — $8.5B, rated A3 — in March 2026. GMI Cloud is now seeking its second such loan this year: $300M, for a Thailand site tied to Tencent. The collateral is the…
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AI Data Center Curtailment: Who Gets Cut First When the Grid Runs Short
Key Takeaways A new PJM site drawing 50 MW or more can be cut first during a shortage from June 1, 2027. Staying exempt means buying capacity: about $6.0 million a year for 50 MW, our calculation. Texas can directly…
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Why AI Cloud Companies Lose Money Even at 66% Gross Margins
Key Takeaways Nvidia’s gross margin was 75.0% last quarter; management guided it to 72–73% next year, pointing to memory costs. CoreWeave rents Nvidia chips. Same season: a 66% gross margin, a $626 million net loss, $640 million of interest expense.…
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Microsoft AI Returns Face a Hardware Refresh Test
Microsoft AI returns are no longer just a promise attached to a spending plan. Microsoft’s fiscal 2026 fourth-quarter figures give us unusually concrete evidence of demand: Azure’s annual revenue passed $100 billion, while Microsoft 365 Copilot exceeded 30 million paid…
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Nvidia OpenAI Backstop: Who Actually Carries the Risk?
Nvidia doesn’t usually show up on the financing side of a data center deal. This time it reportedly might be the thing holding the whole structure up, and that’s a different role than the one it’s used to playing.
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Apple Nearly Overtook Nvidia — Then Didn’t
The fact that this happened intraday, not at close, tells you something about how fragile the current AI valuation gap actually is.
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Meta May Rent Its AI Data Centers to Rival Anthropic
I find it striking that Meta, a company that has poured tens of billions into building its own AI infrastructure, might end up renting that capacity to a direct competitor.
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Microsoft’s 570-Flaw Patch Reveals AI’s Security Blind Spot
I noticed something odd this week: the same month Wall Street calls AI spending a “multi-year super cycle,” Microsoft quietly disclosed the largest batch of security flaws in its history.
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Why AI’s Winners Aren’t the Companies Spending the Most
I’ve noticed a pattern worth naming plainly: the companies pouring the most cash into AI aren’t the ones getting richer fastest from it.
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Meta Wants to Sell Anthropic’s Claude. Why That’s Odd
There’s something slightly uncomfortable about a company that spent billions building its own model turning around to sell a rival’s.