Research library

Every memo on AI's physical buildout and tokenized private markets, newest first.

AI’s Next Bottleneck Isn’t the GPU. It’s the Cooling Loop.

Jun 15, 2026

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5 min read

AI’s Next Bottleneck Isn’t the GPU. It’s the Cooling Loop.

High-density AI clusters are turning liquid cooling from supporting infrastructure into a deployment bottleneck.

Paul Roberts

The $2.45 Billion Fund That Became Wall Street's Settlement Benchmark

Jun 13, 2026

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6 min read

The $2.45 Billion Fund That Became Wall Street's Settlement Benchmark

BlackRock's BUIDL settles at 3am. The wire behind it still waits for Monday.

Paul Roberts

A Data Center Is Now a Power Contract With a Building Attached

Jun 11, 2026

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7 min read

A Data Center Is Now a Power Contract With a Building Attached

Stanley Martin Homes assembled 270 acres of Virginia dirt for $51 million. Four years later, Amazon paid $700 million for most of it, before a single building went up.

Paul Roberts

Capital is moving. See it first.

Twice-weekly deep-dives on AI’s physical buildout and tokenized private markets.