Independent thematic investment analysis of the digital infrastructure value chain and the physical constraints shaping AI-driven demand. I evaluated how power availability, grid interconnection, water and thermal requirements, and network density affect economics across data centers, utilities, cooling equipment, fiber/interconnection, and water infrastructure.

The analysis translates sector-level demand drivers into investable themes, underwriting variables, cash-flow characteristics, and key risks, with particular attention to power scarcity, permitting, capital intensity, contract duration, and technology-driven demand shifts.