Skip to content
VST—no feedCEG—no feedNRG—no feedTLN—no feedNEE—no feedSO—no feedDUK—no feedAEP—no feedD—no feedEXC—no feedPEG—no feedXEL—no feedGEV—no feedETN—no feedPWR—no feedVRT—no feedCMI—no feedBE—no feedNVDA—no feedAMD—no feedAVGO—no feedMSFT—no feedAMZN—no feedGOOGL—no feedVST—no feedCEG—no feedNRG—no feedTLN—no feedNEE—no feedSO—no feedDUK—no feedAEP—no feedD—no feedEXC—no feedPEG—no feedXEL—no feedGEV—no feedETN—no feedPWR—no feedVRT—no feedCMI—no feedBE—no feedNVDA—no feedAMD—no feedAVGO—no feedMSFT—no feedAMZN—no feedGOOGL—no feed
Join the waitlist
The claim

Compute is power.

Every data centre is a building that converts power into tokens. Strip away the racks and the branding and that is the entire function of the structure.

This is not a poetic reframing. It is how the buildings are specified, financed and sited. A data centre is described to the people who fund it in megawatts, not in square feet and not in servers. Capacity is power. The unit of the industry is the watt.

What that changes

  • Location stops being about land. It becomes about interconnection — whether there is a substation nearby with capacity to spare, and how many years the queue is.
  • The contract stops being about hardware. The long-dated commitment is to a supplier of electricity, often for a decade or more, often before a single rack is installed.
  • The competitor stops being another AI lab. It becomes every other buyer on the same grid: factories, households, and the next data centre.

Once you notice this, the industry's press releases read differently. The announcements that matter are not about parameter counts. They are about who signed for what supply, and where.

Every compute story is a power story.