Kevin Chin

Big Tech will spend $700 billion on AI infrastructure this year. That's $200B more than they planned just 90 days ago. In 2024, it was $200B total. We're building the equivalent of Switzerland's GDP in compute every single year. This is what the infrastructure for abundance looks like.

Something shifted in energy demand, and most people haven't caught up yet. Data centers are expanding. AI infrastructure is scaling. Industrial load is compounding. But here's what's different this time: The big technology firms aren't just buying power anymore. They're integrating backward into generation. Some are building their own capacity outright. When a buyer starts moving upstream to secure supply, that's not a trend. That's conviction. For producers, it opens a different kind of conversation, one beyond traditional channels. The question isn't whether demand is real. It's whether you can pair disciplined production with scalable infrastructure and bring it online responsibly. There's plenty of supply in the ground. The constraints are capital, speed, and execution. Moments like this don't come around often at the utility layer. The operators who win will be the ones who move with clarity. Biblical Stewardship in this environment means asking one question and not flinching from the answer: “Where does real demand meet real delivery?” That's where durable value gets built. "Do you see a man skillful in his work? He will stand before kings." — Proverbs 22:29

A Stanford lecture just exposed where the ~$650B AI data center spend is actually going and who is quietly capturing the upside They explain why the entire bottleneck has shifted from GPUs to power and what comes next This is a MUST watch for investors:

In 2026, for the first time in recent memory, every major VC firm is saying the same thing. YC wants AI agents that replace service workers. So does a16z. Sequoia wants stablecoins as financial infrastructure. So does YC. Everyone wants AI applied to the physical world - factories, defense, construction, energy. The consensus is so complete that you could swap the logos on their published theses and most readers wouldn’t notice. That's why the most valuable software companies of the next decade will not look like software companies. They’ll look like law firms, factories, hedge funds, and government agencies - run by teams of ten.

Bill Ackman is right… 2005-2020, globalisation and Chinese urbanisation caused 15 years of global deflation and a long era of ZIRP. 2025-2045, AI will likely cause a long period of deflation (big productivity gains) and likely a long era of ZIRP. The West mostly failed to make use of the first ZIRP era, we didn’t understand it. We did not replace and upgrade our infrastructure, we did not roll SovX far into the future. I expect we will not repeat this mistake, during the AI buildout. A huge amount of infrastructure is going to be built over the next 20 years, backed with long dated cheap bonds. This is the monetary and fiscal structure of the era we find ourselves in. You are now leaving the eye of the storm.

Singapore’s obsession with AI is hitting a new peak. 🇸🇬 🤖 Today, 4 of the top 5 most downloaded apps in SG are AI chatbots. Both the tech migrants and the aunties in hawkers are doing it. And what’s with this vpn at number 4.

The AI investment cycle is only accelerating: Global data center CapEx driven by AI is projected to reach $5.2 trillion by 2030, according to McKinsey. IT equipment would represent ~$3.3 trillion of that total, followed by data center infrastructure at ~$1.6 trillion and power generation at ~$300 billion. This assumes 125 incremental gigawatts of new AI data center capacity added between 2025 and 2030, requiring as much electricity as ~125 nuclear reactors to power. In an accelerated demand scenario, total CapEx could rise to $7.9 trillion, with 205 incremental gigawatts of capacity added. A constrained scenario would require $3.7 trillion, with 78 incremental gigawatts added. The investment is expected to be driven by mass adoption of generative AI, enterprise integration across industries, competition between mega-cap tech and other firms, and governments investing heavily in AI infrastructure. The AI buildout is set to reach unprecedented scale.

The old economy was built on labor and capital. The new one is being built on compute, code, energy, and compounding intelligence. That's why San Francisco is worth more than the entire public markets of China, Japan, the UK, India & France. -- SpaceX negotiating the right to buy Cursor for $60B -- Claude moving from chat to design to code to business creation -- OpenAI is losing senior leaders as it reallocates resources -- The future may belong to whoever controls chokepoints: oil, chips, compute, code

One of the smartest economists (and best people) I know is looking forensically into what AI’s economic impact — including post-AGI economics — will actually be. Desperately needed work, as there is so much fear and “vibes” on AI’s economic impact. Follow along ⬇️