AI infrastructure
HBM, Power, Cooling, Transformers & Grid
Follow the constraint stack from accelerator and HBM through rack cooling, electrical equipment and energized grid capacity.
Open living page →ConstraintAlpha · living references
Canonical Bottleneck Pages
Durable, source-backed pages for questions that recur across companies and news cycles. Dated research notes explain what changed; canonical pages explain the system, the current bottleneck, the evidence hierarchy and what would falsify the view.
Nuclear fuel cycle
Uranium vs Conversion vs Enrichment vs HALEU
Separate ore supply from conversion, separative work, HALEU capacity and qualified fuel delivery.
Open living page →Critical minerals
Rare Earths, Gallium, Germanium, Tungsten & Yttrium
Map concentration, by-product economics, substitution difficulty and the gap between mines and qualified downstream products.
Open living page →Industrial delivery
From Backlog to Revenue
Distinguish order growth from real capacity expansion using commissioning, qualification, throughput, revenue, margin and cash.
Open living page →