Capital can be deployed in months. Power infrastructure takes years. This mismatch is the defining tension of the AI buildout.

A 200-megawatt data center requires 12-24 months for land and permitting, 18-24 months for construction, and 24-48 months for grid interconnection. Money raised in 2024 may not translate into running compute until 2028 or later.

The AI infrastructure winners will be determined by decisions made in 2020-2023, not decisions being made now. Capital moves fast. Infrastructure moves on its own schedule.]]>

Every hyperscaler has announced ambitious renewable energy targets. But renewables alone cannot power the AI buildout. Here's why.

AI workloads run continuously. Solar generates power roughly 25% of the time. Wind achieves 35-45% capacity factors. Neither provides the baseload reliability that AI facilities require. Battery storage helps but remains expensive at scale.

The AI buildout is driving investment in both renewables and dispatchable generation. Clean energy is a goal. Reliable power is a requirement.]]>

The AI buildout depends on decisions made by regulated utilities — entities most tech investors have never studied. Utilities are the quiet kingmakers of this cycle.

Utilities operate under regulatory frameworks that prioritize reliability and rate stability. Adding 200 megawatts of load for a single customer requires new substations, transmission upgrades, and generation procurement — all approved by state regulators.

Utility strategy is becoming a differentiator in AI infrastructure deployment. Companies that understand how to work within regulated frameworks have structural advantages that pure capital cannot replicate.]]>