Compute investment, electricity contracts, financing, energy markets, and infrastructure risk.
AI infrastructure investment creates a capital cycle in which demand commitments, construction funding, physical delivery and cash recovery mature on different schedules. We measure this cycle across compute, networking, dat…
This paper asks whether service-territory heat stress and disclosed data-center power-demand exposure jointly amplify the volatility of U.S. listed electric utilities. Its principal finding is methodological but empirically …
U.S. regulators are adopting large-load tariffs to allocate the financial risk created when utilities build long-lived infrastructure for data centers and other concentrated loads. This paper studies 15 regulator-verified, e…
An 80% or 90% minimum bill is not necessarily 80% or 90% protection over the life of a grid asset. This paper documents two linked losses in the conversion of AI investment narratives into infrastructure commitment: disclosu…
Serving a hyperscale data center can require irreversible utility investment before the customer operates. If the project is delayed, downsized, or cancelled, who pays for unused capacity? This paper studies largeload electr…
This paper examines whether the expansion of AI-related computing demand has created a new financial linkage between major technology equities and energy infrastructure assets. Using 817 daily observations from March 2023 to…
Artificial intelligence depends on a production chain connecting semiconductors, data centres, electrical equipment, generation, nuclear supply, cooling and gas infrastructure. This paper shows how that physical chain become…