Power Analysis

We sit down with Ben Gagnon, CEO of Keel Infrastructure, to unpack what actually moved forward after Q3 and why visible construction progress can matter as much as a signed lease. We get blunt about permitting, shifting deal structures, GPU driven urgency, and how we think about risk when the market feels volatile.

• Q3 operational progress across permits, engineering and commercial negotiations
• Why Moses Lake is a defined product and how active construction changes tenant leverage
• Planning for change orders and designing optionality for GB300 versus Vera Rubin
• Why we avoid long exclusivity and keep multiple counterparties engaged
• How higher cost of capital pushes powered land and modular data center structures
• The real critical path to revenue: permitting, leasing and long lead equipment
• How politics shapes permitting timelines and why Pennsylvania unions change the story
• Why GPU demand is driven by sunk cost and timing mismatches more than short term economics
• What hyperscaler pullbacks signal and why “the juice isn’t worth the squeeze” can be rational
• How selective debt markets affect financing and why pricing deals in today’s market can reduce mismatch risk

Let us know in the comment section below what you think about today's discussion and if you're currently holding shares of KEEL!

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We sit down with Patrick Fleury, CFO of TerraWulf, right after Q3 to break down what is finally starting to hit the financial statements as new AI data center capacity comes online. We push on the hard parts investors worry about most: capex discipline, cost of capital, and how TeraWulf plans to grow without diluting shareholders. 

• Q3 HPC revenue momentum and what drives the step change 
• CB3 performance and what CB4 and CB5 mean for the revenue run rate 
• Why data center and power infrastructure timelines create a market disconnect 
• Staying on budget at Lake Mariner despite electrical labor inflation 
• How TeraWulf thinks about balance sheet strength and funding options before equity issuance 
• Why investment grade counterparties and credit support matter more than hype 
• What the Fluor EPC partnership changes on execution risk and contracting structure 
• Muskie’s gigawatt scale plan, approvals and AEP coordination 
• Community engagement on water, noise, taxes and jobs as a core part of development 

If you have any additional questions, leave them below. Hit the like button. 

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We map the week’s market mood across Bitcoin and high-volatility compute stocks, then focus on what actually changes the AI data center investment case. We break down the earnings and contracts that matter, from GPU pricing dynamics to power pipelines, insider buys, and the real-world constraints of building and financing capacity. 

• Bitcoin weakness and what it signals for risk appetite 
• Sector heat map, drawdowns and why a green day is not a trend 
• Jevons Paradox applied to GPU demand and compute pricing 
• Why older GPUs still earn and support longer contracts 
• Dark Horse expanding contracted power and exiting Bitcoin mining 
• Modular data center builds as a CapEx and speed advantage 
• Texas regulation and the case for community partnership 
• IREN earnings, backlog growth and margin strength 
• Customer design changes, timeline risk and ARR expectations 
• Prepaid GPU CapEx and what it does to payback periods 
• IREN global power pipeline and implications for scale 
• Analyst target cuts that still imply large upside 
• Insider buying at Dark Horse and Galaxy as a conviction signal 
• TeraWulf lease revenue, buildout roadmap and major long-term contracting 
• Keel targets, permitting delays and the buildout financing gap 

Let us know in the comment section below what you make of today's discussion and if you're currently holding any of these stocks!

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We walk through a brutal risk-off day where Bitcoin, major indices, and AI infrastructure stocks all sell off together, then separate the fear driven headlines from what the fundamentals still say about power demand and data center buildouts. We also break down fresh earnings from ABTC, Core Scientific, and Keel, plus the real Nasdaq one dollar compliance timeline that many investors get wrong. 

• Bitcoin’s sharp pullback and the Trump wallet sale narrative 
• Broad market and tech led sell-off hitting every sector 
• Hyperscaler CapEx signals and why power is still the bottleneck 
• Lease cancellations versus new multi-billion dollar data center commitments 
• AI infrastructure stock carnage, volumes, and why good news can still trade down 
• Nasdaq listing compliance steps, deficiency letters, and reverse split realities 
• ABTC results, treasury growth, mining costs, and efficiency metrics 
• Core Scientific’s HPC ramp, contracted megawatts, and what to watch next 
• Keel’s cash position, permitting progress, pipeline power, and deal timing 

Let us know in the comments section below what you're doing in this time of downturn and if you're making any purchases, holding, or selling!

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We sit down with Riot Platforms CEO Jason Les right after Q3 earnings to unpack the company’s shift from Bitcoin mining toward high-return AI data center leasing. We break down the Corsicana, Texas deal terms, the build plan, the financing logic, and what execution will need to look like for the market to re-rate the story. 

• Q3 balance sheet positioning and why cash matters for data center strategy 
• Selling down Bitcoin holdings to fund AI data center growth 
• AMD deployment progress and near-term bank financing expectations 
• Rockdale Frontier AI Lab build status and the investment-grade backstop plan 
• Corsicana 910MW powered land lease and why the structure is different 
• Triple net lease mechanics, base rent escalators and NOI margin implications 
• Capex breakdown per megawatt and why modular deployment changes risk 
• Delivery timeline by phase and what “speed to compute” really means 
• Keeping Bitcoin mining online until later phases require the power 
• ESS Metron and in-house engineering as an execution advantage 
• Texas policy and election uncertainty viewed through existing interconnections 
• ERCOT queue chatter, speculative projects and why sentiment stays volatile 
• Capital recycling model using stabilized cash flows and asset-level financing 
• Local hiring and community support in Rockdale and Corsicana 
• Expansion options at Rockdale, Corsicana and Kentucky with disciplined pipeline growth 

Let us know in the comment section below what you think of today's discussion and Riot's huge Corsicana announcement!

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Midterm results hit AI infrastructure stocks fast, so we sort signal from noise and map what regulation really means for data center buildouts. Then we dig into blockbuster earnings and deals from AMD, Hut 8, Riot, and others to explain why power and land keep showing up as the real moat. 

• Bitcoin recovery after the Binance hack and what it says about sentiment 
• Senate, House, and governor outcomes and why the “blue wave” matters to permitting narratives 
• Texas data center priorities including labor, safety, transparency, grid costs, and water concerns 
• Why closed loop cooling and PUE matter more than viral talking points 
• Market panic across Texas exposed names and why existing approvals change the risk 
• Power and land as the core bottleneck for AI data centers and HPC 
• CEO and management responses from Hive, IREN, and CoreWeave style peers on responsible development 
• AMD Q3 results and why data center revenue becomes the growth story 
• Hut 8 earnings, contract duration extension, buyback detail, and limited ERCOT exposure 
• Riot’s Corsicana powered land lease, phased delivery schedule, CapEx per megawatt, and no equity issuance expectation 
• TeraWulf’s Google credit backstop for project financing and what it signals 
• WhiteFiber NC2/NC3 expansion and why execution timelines matter 
take a second, smash the like button, guys. 

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We track US midterm risk and why shifting politics could change the speed and cost of AI data center buildouts. We also read the market tape from Bitcoin to big tech earnings, then pressure-test what Nvidia and operators are saying about demand, capital needs, and delivery timelines. 

• Bitcoin price action after the Binance hack and what resilience signals for risk appetite 
• Why midterm uncertainty drives volatility for AI infrastructure and data center stocks 
• State-level pushback on data centers tied to power, water and community cost concerns 
• What a Democratic sweep could mean for tax incentives and permitting without a national moratorium 
• The “AI compute campus” rebrand idea as backlash rises 
• Heat map review of the rebound day versus ugly one-month and four-month drawdowns 
• Apple earnings highlights and why free cash flow matters for AI strategy and capex 
• October AI sell-off across hyperscalers, chips and infrastructure names 
• The core financing problem: huge capex plans versus smaller market caps and long build timelines 
• Nvidia on NeoCloud demand, capital requirements and whether operators can stand on their own 
• Customer geography caps and compliance friction for Nvidia-based cloud contracts 
• Iren’s Spain licensing progress, Childress buildout visuals and what to watch in upcoming earnings 

Let us know in the comment section below how you think today's midterms are going to impact the market, specifically the AI sector!

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We map the week’s biggest AI infrastructure catalysts, from midterm-driven data center risk to an earnings slate that could reshape sentiment. We also connect the dots between Bitcoin’s resilience, rising GPU rental rates, and why power availability decides who wins in AI compute. 

• Bitcoin’s muted drawdown after the hack and what the recovery signals 
• Strategy and Drive balance sheet Bitcoin accumulation and funding levers 
• Why slow-growth brands trade at higher PEs than hyperscalers 
• How AI data center capex, debt, and delayed revenue pressure valuations 
• Midterm politics, NIMBYism, and gigawatts of capacity at risk 
• BitDear’s conference circuit as a source of updates and catalysts 
• Bit Digital’s IR hire and the market’s discount to underlying assets 
• DMG’s patent portfolio, security angle, and incentive grants 
• Hive’s GPU pricing lift and what it implies for ROI and payback 
• IREN’s Perplexity deal and the buildout from power to production 
• Earnings week schedule and why power remains the bottleneck 

If you're not already subscribed, McNally Money, feel free to join. Would love to hear your comments below.

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A record-breaking Binance hack puts crypto security back in the spotlight, while Bitcoin’s relatively modest drop raises hard questions about market maturity and real risk. We also dig into hyperscaler earnings and the AI infrastructure spending spree, where CapEx is exploding, free cash flow is getting squeezed, and power-rich data center plays may be the long-term beneficiaries. 

• the Binance theft timeline, size, and why only part could be frozen 
• North Korea suspicions, chain analysis signals, and what remains unconfirmed 
• Binance using its balance sheet to make customers whole and what that implies 
• the real takeaway on crypto exchange security and AI-driven attack surfaces 
• practical storage trade-offs: exchange custody vs proxies vs self-custody 
• broad sell-off across Bitcoin-linked equities and AI infrastructure names 
• Alphabet’s surge in AI momentum alongside negative free cash flow from CapEx 
• Microsoft’s Azure growth, cloud performance, and massive contracted backlog 
• Amazon’s record margins, AWS strength, and the cost of AI investment 
• Strategy’s earnings distortion from Bitcoin fair-value accounting rules 
• WhiteFiber Continuum and what fiber-linked GPU clusters could enable 
• Host Digital’s approach to community engagement and why credit is tightening 
• Core Scientific facility outreach and why education matters locally 
• talent migration from hyperscalers into smaller AI infrastructure builders 

Let us know in the comment section below what you make of today's news from Binance and the Hyperscalers. Make sure you check out the Eric Jackson video that went out yesterday!

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We talk with Eric Jackson of EMJ Capital about the brutal AI infrastructure sell-off and why a real demand wave can still produce broken stocks. We compare neo cloud business models, financing choices, and what proof investors should demand before betting on the next 10x winners. 

• separating AI demand from company survivability 
• managing volatility and knowing when to step aside 
• comparing GPU ownership versus digital landlord models 
• why financing structure matters more than hype 
• what a Riverbend site visit reveals about execution risk 
• asset light scaling versus full stack control 
• Nvidia’s ecosystem role and the need for clearer unit economics 
• why delayed revenues make markets skeptical during tight credit 
• frameworks for timing entries without chasing the bottom 
• how a $2,000 Hut target is built from assumptions 
• what consolidation could look like across the sector 

Let us know in the comment section below what you thought of today's discussion and your top pick currently in the space!

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