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LatestOct 9, 20261h 23mCapital Markets
037

Who's Funding the $11 Trillion AI Buildout?

H100 rental prices went up, on a GPU that should be sliding down its depreciation curve. That curve is what lenders underwrite. Daniel Nishball (@dnishball) kicks off our new Compute Capital Markets group by following the money through Nvidia's $497B backstops, ClusterMAX as a credit signal, and whether each token is profitable. Jordan Nanos (@JordanNanos) brings the rental data. AI debt is about to pass auto loans.

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DNDan Nishball@dnishballJNJordan Nanos@JordanNanosDNDaniel Nishball@dnishball
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The dial

38 episodes, Feb 13, 2026 to today

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OCT 9EP 037OCTOBER 2026
Who's Funding the $11 Trillion AI Buildout?
Oct 9, 20261h 23mCapital Markets
OCT 7EP 036
$200 Buys $12,000 of Opus Tokens, We Bought Every Plan
Oct 7, 202650 minAI Cloud TCO
OCT 5EP 035
Tech DD’s, Performance Projections, Benchmarks, Supply Chain, Investment Thesis (Consulting)| Abhilash Jain, Jordan Nanos
Oct 5, 202634 min
OCT 2EP 034
Engrams: How DeepSeek Offloads KV Cache to DRAM and SSD
Oct 2, 20261h 03mCore Research
SEP 23EP 033SEPTEMBER 2026
ClusterMAX 3.0 Is Here! Neoclouds Ranked
Sep 23, 20261h 08mNeoclouds
SEP 18EP 032
300 Datacenter Bans, 3 Projects Delayed: Moratoriums Explained
Sep 18, 202653 minDatacenter
SEP 16EP 031
EMERGENCY EPISODE: Are We Doomed?
Sep 16, 20261h 02m
SEP 14EP 030
Long Live the Short King: Why 4-HI HBM Wins
Sep 14, 202638 minMemory
SEP 11EP 029
Modular Data Centers Cut Build Time to 12 Months
Sep 11, 202646 minDatacenter
SEP 2EP 028
Most Neoclouds Suck At Security: How Agents Hacked Hugging Face
Sep 2, 202650 minNeoclouds
AUG 30EP 027AUGUST 2026
OpenAI Jalapeño: Better Than Nvidia Blackwell
Aug 30, 20261h 03mAccelerators
AUG 20EP 026
PJM's $12B Modeling Mistake Is Hitting Ratepayers Again
Aug 20, 202643 minDatacenter
AUG 17EP 025
DYLAN IS HERE, LIVE!
Aug 17, 202638 min
AUG 9EP 024
SpaceX's 10GW Plan Drives $300B ARR by 2027
Aug 9, 202650 minDatacenter
AUG 7EP 023
Everyone Leaves Google, Elon Forecasts 1T ARR, Reflecting On GPT-5, Building Personalized Software
Aug 7, 202644 minRoundtable
JUL 29EP 022JULY 2026
Market Drawdown, Historic Bubbles, Funding The Buildout, AI Politics
Jul 29, 202649 min
JUL 23EP 021
The AI Project Trinity: Capital, Offtake, Data Center
Jul 23, 202652 minDatacenter
JUL 18EP 020
Anthropic vs OpenAI Usage, Margins, Meta Compute, Future of MSL
Jul 18, 202650 minTokenomics
JUL 18EMERGENCY
Moonshot’s Kimi K3 has Arrived! China has a Frontier Model
Jul 18, 202631 min
JUL 16EP 019
Inside the STEEL Lab: From Package to Transistor
Jul 16, 202636 minTeardown Lab
JUL 9EP 018
Stop Saying Half of 2026 US Datacenter Capacity Is Canceled
Jul 9, 202650 minDatacenter
JUL 1EP 017
DeepSeek V4 and Huawei Ascend NPU Performance
Jul 1, 202634 minInferenceX
JUN 23EP 016JUNE 2026
What Unitree's Evolution Means For Robotics
Jun 23, 202648 minRobotics
JUN 15EP 015
DG Matrix Explains 800V DC vs Legacy AC Distribution
Jun 15, 202647 minDatacenter
JUN 4EP 014
Finding Miscompiles For Fun, Not Profit
Jun 4, 202623 minAI Infrastructure
JUN 1EP 013
AWS Margins Jump 10% While Azure and GCP Flatline
Jun 1, 202643 minTokenomics
MAY 15EP 012MAY 2026
Cerebras IPO: 1,100 Tokens Per Second vs GPU's 500
May 15, 202644 minAI Cloud TCO
MAY 6EP 011
GPT 5.5 vs Claude 4.7: OpenAI's Comeback From the Brink
May 6, 202645 minTokenomics
MAY 1EP 010
How Much Do GPUs Really Cost, and Where Does the Value Go?
May 1, 202646 minAI Cloud TCO
APR 19EP 009APRIL 2026
Using Open Source Data To Drive Investment Decisions
Apr 19, 202653 minChipBook
APR 10EP 008
Claude Code Psychosis: How SemiAnalysis Is Token Mogging Meta
Apr 10, 202634 min
APR 3EP 007
The 3 Choke Points Killing the AI Boom
Apr 3, 202633 minCore Research
MAR 27EP 006MARCH 2026
The AI Silicon Shortage Explained
Mar 27, 202657 minAI Supply Chain
MAR 13EP 005
Measuring AI's Impact On The Market
Mar 13, 20261h 17mMemory
MAR 5EP 004
The Impact of AI Datacenters On Consumer Power Costs
Mar 5, 202650 minDatacenter
FEB 26EP 003FEBRUARY 2026
Deep Dive on NVIDIA Vera Rubin VR NVL72
Feb 26, 20261h 02mAI Supply Chain
FEB 19EP 002
InferenceX 2.0 Release
Feb 19, 202651 minTechnical Staff
FEB 13EP 001
Claude Code, Memory Mania, CPUs are Back
Feb 13, 202652 min
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