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Underwriting the Physical Supply Chain of AI

Institutional-grade research on AI infrastructure and the tokenization of private markets - written for finance professionals and sophisticated investors allocating capital to this space.

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The physical buildout

Data centers, power, cooling, chips — who actually captures the economics of the AI capex cycle.

Tokenized private markets

How private credit, real estate, and funds are moving onchain — and what it means for allocators.

Underwritten, not hyped

Every thesis treated like a deal memo: numbers, structure, risks, and who is on the other side of the trade.

Read by people who allocate real capital.

One weekly brief on AI's physical buildout and tokenized private markets. No noise. No paywall to start. Unsubscribe anytime.

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