Dom White

Apparently radiation might also be a problem.

Orange and purple, no?

The Utilities Analyst Who Says the Data Center Demand Story Doesn't Add Up Utilities may be building twice as much power as needed.

Listened to this Oddlots episode with utilities analyst Andy DeVries this morning. Some useful pushback on the data center/AI power demand narrative that's worth working through. 1/

www.bloomberg.com/news/article...

Honestly, I think these surveys tell us so much about the country.

“Yeah, I’d scratch the bear’s eyes out and then step into the arena and win the gold at table tennis.”

What was the percentage who thought they could beat a bear in a fight again?

Yeah, I think that’s really the catch here. If you can’t, you’ll just end up with higher prices in that sector and (possibly) higher productivity but lower consumer surplus.

Think that’s probably right. But it depends on other things too, right? How easy is it to sub capital for labour in those industries? How do relative prices in low-wage sectors move, and how does consumer demand respond?

I wonder how much of it is a compositional effect? It’s the low wage/low productivity sectors that have been affected most by the minimum wage & employer NICs combo. So could just be an averaging-type effect.

These lines go up. This line doesn’t go up.

Well, yes. In simple terms, markets pull the plug on investment booms because investors become less sure that they'll get the returns they anticipated.

One thing to point out about the AI story: previous investment booms haven't ended because the technology in question failed to live up to the hype. Did the dotcom boom turn to bust because it turned out the internet wasn't all that?

Worth it just for the lede

Both a consequence of the cold weather?

Closer to the snow = more precision

Broadsheet comic books?

I don’t know the answer but is this what you were getting excited about last night? 😆

Have they considered a ballroom?

No, Wednesday next week.

It’s absolutely gold.

It’s great isn’t it.

British traitors: “I’m sorry, I had no other evidence so I’m voting for yourself.”

Irish traitors: “you’re a fecking traitor, so you are.”

I’d have to look at the numbers again, but think it’s covered by operating cashflow after dividends, yes.

I imagine they’re quite high for the Taiwanese economy.

It’s obviously a story that has been well understood by markets for a long time. But is the macroeconomic significance of this fully understood? Not sure.

The *upward revision* to capex over the last 12m is more than 1% of GDP.

12 months ago the hyperscalers were expected to spend $300bn on capex in 2026. Now Amazon and Alphabet will spend comfortably more than that between the two of them ($375bn).

That would be super kind of you, George. I might have to drop you a DM when it’s released.

Dagnabbit!

Is it released in UK/Europe on the same date?

I think Thom Tillis possibly likes Kevin Warsh as Fed Chair nominee.

I concur