The Physical Layer of AI
Institutional-grade analysis of the physical infrastructure powering AI data centers — power, cooling, construction, and capital. Published weekly for investors, operators, and strategists.
Power & Energy
Grid interconnection, AI training load profiles, onsite generation, and power purchase agreements. Tracking capacity constraints across PJM, ERCOT, MISO, and emerging markets.
Cooling & Environmental
Thermal density at the rack and campus level, water consumption footprints, and the sustainability trade-offs shaping operator decisions and permitting outcomes.
Construction & Development
Cost benchmarking, build timelines, permitting bottlenecks, and land acquisition analysis across the top U.S. data center markets.
Capital Expenditure
Hyperscaler capex tracking, data center REIT pre-leasing trends, and the capital allocation decisions driving the next wave of builds.
Regulatory & Interconnection
FERC proceedings, state-level legislation, interconnection queue analysis, and the policy decisions reshaping where and how data centers get built.
Market Intelligence
Supply-demand dynamics, competitive positioning across operators, and cross-source synthesis from SEC filings, earnings transcripts, and planning commission records.
Weekly Intelligence Brief
A single-subject reconstruction of one AI data center campus or theme, focused on the hyperscalers and built from the primary documents.
Quarterly Deep-Dives
Thematic reports of 15–20 pages covering a single topic in depth — interconnection queue backlogs, construction cost trajectories, or emerging market profiles.
Proprietary Data
Structured datasets built from primary sources: interconnection filings, land records, permit databases, and earnings disclosures — tracked and updated continuously.
Cross-Layer Analysis
The infrastructure stack doesn't operate in silos, and neither does our research. Every brief connects power constraints to cooling decisions to construction timelines to capital flows.
Full-Stack Coverage
No other independent source covers the complete physical infrastructure layer — from grid interconnection through capital allocation — at institutional quality.
Numbers First
Every analysis is grounded in specific data points, named sources, and quantitative benchmarks. No hedging, no filler, no hype — just the numbers that drive decisions.
Independent & Unconflicted
Subscription-funded with zero advertising revenue. Our incentives are aligned entirely with the quality of the research, not page views or sponsor relationships.
About the Analyst
Corey Trinetti is a former institutional investor at Citigroup, Stone Point Capital, and Henderson Park. Previously built Urban Cascade into a leading digital infrastructure operating partner. Now focused exclusively on the physical infrastructure layer powering the AI buildout.
Built for Decision-Makers
Written for private equity analysts, infrastructure operators, REIT teams, and strategy leads who need to act on what they read — not skim it. Front-loaded clarity, back-loaded depth.
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