Daily intelligence on the compute, power, memory, and geopolitics moving the trillion-dollar AI buildout — before Wall Street prices it in.
A single interconnect queue in Pennsylvania is now the gating factor for three hyperscaler builds. Wall Street hasn’t noticed.
AI Arms Race covers the picks-and-shovels of the trillion-dollar buildout — nothing else. Each morning we map one pillar of the AI supply chain that Wall Street is still mispricing.
Most AI coverage points at the same three things: ChatGPT, agents, productivity demos. Wall Street trades semiconductor cycles. CNBC trades the headlines.
None of them trade the substations.
There are roughly 14 substations in the United States that matter to the AI buildout. There are six HBM stack suppliers gating every accelerator shipping in 2026. There’s a single fab in Hsinchu that will determine more about American AI margins than any executive order ever will.
This is the trade. We map it daily.
The mainstream is still trading the model. We’re trading the rack, the substation, and the cooling loop.— Knox Bennett, Lead Strategist
There’s already an AI newsletter for everything else. Ours is for the buildout layer — and only the buildout layer.
Five minutes. One company, one bottleneck, or one geopolitical move. Published before the open, every trading day.