advait
@advaitarun.bsky.social
capital markets & energy finance @ Center for Public Enterprise ☀️🏗️ • bay area / dc • advaitcore.substack.com. on twitter at @advaitarun_
Pinned
Bubble or Nothing
Policymakers concerned about the deployment of clean energy and compute-focused infrastructure over the long term need a framework for managing the uncertainty in the AI sector's investment landscape—...
publicenterprise.org
Today's new @publicenterprise.bsky.social report is a comprehensive analysis of the capital structure of the entire AI sector: data center real estate, GPU markets, private credit, you name it.
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
Reposted by advait
Montreal Quebec
Come see the building
It’s even better in person
Come see the building
It’s even better in person
November 24, 2025 at 5:46 PM
Montreal Quebec
Come see the building
It’s even better in person
Come see the building
It’s even better in person
Reposted by advait
Seen around town, Montreal
November 24, 2025 at 9:15 PM
Seen around town, Montreal
Reposted by advait
“Favorable treatment off the balance sheet hinges on some convenient assumptions”
When investors start asking such questions you know it’s time to plan what to do after the bubble has burst. Read @advaitarun.bsky.social CPE report:
publicenterprise.org/report/bubbl...
bsky.app/profile/bung...
When investors start asking such questions you know it’s time to plan what to do after the bubble has burst. Read @advaitarun.bsky.social CPE report:
publicenterprise.org/report/bubbl...
bsky.app/profile/bung...
This is as close as the lawyers at the Journal allow reporters to get to "fraudulent fraudsters sighted wearing fraud pants and doing a fraud." www.wsj.com/tech/meta-ai...
AI Meets Aggressive Accounting at Meta’s Gigantic New Data Center
Favorable treatment off the balance sheet hinges on some convenient assumptions.
www.wsj.com
November 24, 2025 at 4:08 PM
“Favorable treatment off the balance sheet hinges on some convenient assumptions”
When investors start asking such questions you know it’s time to plan what to do after the bubble has burst. Read @advaitarun.bsky.social CPE report:
publicenterprise.org/report/bubbl...
bsky.app/profile/bung...
When investors start asking such questions you know it’s time to plan what to do after the bubble has burst. Read @advaitarun.bsky.social CPE report:
publicenterprise.org/report/bubbl...
bsky.app/profile/bung...
Reposted by advait
Highly recommend this report on AI finances. @katemac.bsky.social & I interviewed the lead author
bsky.app/profile/did:...
bsky.app/profile/did:...
Today's new @publicenterprise.bsky.social report is a comprehensive analysis of the capital structure of the entire AI sector: data center real estate, GPU markets, private credit, you name it.
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
Bubble or Nothing
Policymakers concerned about the deployment of clean energy and compute-focused infrastructure over the long term need a framework for managing the uncertainty in the AI sector's investment landscape—...
publicenterprise.org
November 24, 2025 at 5:57 PM
Highly recommend this report on AI finances. @katemac.bsky.social & I interviewed the lead author
bsky.app/profile/did:...
bsky.app/profile/did:...
Reposted by advait
“Fine arts museum sponsored by the provincial hydropower utility” is the aesthetic I strive for
November 23, 2025 at 7:15 PM
“Fine arts museum sponsored by the provincial hydropower utility” is the aesthetic I strive for
Reposted by advait
Warburg Pincus kicks off this Caravanserai issue with a discussion of how zoning impedes the building of transit.
Yes in my… basement? Near it, at least.
Yes in my… basement? Near it, at least.
November 21, 2025 at 6:04 PM
Warburg Pincus kicks off this Caravanserai issue with a discussion of how zoning impedes the building of transit.
Yes in my… basement? Near it, at least.
Yes in my… basement? Near it, at least.
Reposted by advait
GL Stearns doesn’t want us negatively polarized against liberal democracy. If other democracies can build transit, we really can here, too.
November 21, 2025 at 6:04 PM
GL Stearns doesn’t want us negatively polarized against liberal democracy. If other democracies can build transit, we really can here, too.
Reposted by advait
For Caravanserai Volume 1 Issue 7, our writers dove into proposals for public transit―the good, the bad, and the ugly.
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
This is a bad transit idea.
Which public transit ideas are actually good?
caravanseraiforum.substack.com
November 21, 2025 at 6:04 PM
For Caravanserai Volume 1 Issue 7, our writers dove into proposals for public transit―the good, the bad, and the ugly.
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
Reposted by advait
POV: A bunch of sunbelters have a flight to Canada tomorrow morning
November 21, 2025 at 10:54 PM
POV: A bunch of sunbelters have a flight to Canada tomorrow morning
Reposted by advait
It’s kinda fascinating how no one has gotten yet that trumps “anti elite” politics isn’t against the actual elites but is much more about a rebellion against educated cosmopolitan vibes. It’s why a barista who likes Annie Hall despite Woody Allen making it is elite but Elon musk isn’t
November 21, 2025 at 11:48 PM
It’s kinda fascinating how no one has gotten yet that trumps “anti elite” politics isn’t against the actual elites but is much more about a rebellion against educated cosmopolitan vibes. It’s why a barista who likes Annie Hall despite Woody Allen making it is elite but Elon musk isn’t
Designer Transit stresses that implementing human-centered design in our transit systems means taking big steps, not small ones.
November 21, 2025 at 6:04 PM
Designer Transit stresses that implementing human-centered design in our transit systems means taking big steps, not small ones.
GL Stearns doesn’t want us negatively polarized against liberal democracy. If other democracies can build transit, we really can here, too.
November 21, 2025 at 6:04 PM
GL Stearns doesn’t want us negatively polarized against liberal democracy. If other democracies can build transit, we really can here, too.
Warburg Pincus kicks off this Caravanserai issue with a discussion of how zoning impedes the building of transit.
Yes in my… basement? Near it, at least.
Yes in my… basement? Near it, at least.
November 21, 2025 at 6:04 PM
Warburg Pincus kicks off this Caravanserai issue with a discussion of how zoning impedes the building of transit.
Yes in my… basement? Near it, at least.
Yes in my… basement? Near it, at least.
For Caravanserai Volume 1 Issue 7, our writers dove into proposals for public transit―the good, the bad, and the ugly.
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
This is a bad transit idea.
Which public transit ideas are actually good?
caravanseraiforum.substack.com
November 21, 2025 at 6:04 PM
For Caravanserai Volume 1 Issue 7, our writers dove into proposals for public transit―the good, the bad, and the ugly.
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
We don't actually think tap-to-pay is a bad idea, by the way:
caravanseraiforum.substack.com/p/transit-vol1
Reposted by advait
I'm dense when it comes to finance, so the fact that I got to a point of understanding how utilities earn profit and why they should or shouldn't earn less means you can too. I stayed up till 3am trying to explain in an accessible way. Hopefully it was worth it!
heatmap.news/energy/calif...
heatmap.news/energy/calif...
What If Utilities Just Made Less Money?
California energy companies are asking for permission to take in more revenue. Consumer advocates are having none of it.
heatmap.news
November 19, 2025 at 10:31 PM
I'm dense when it comes to finance, so the fact that I got to a point of understanding how utilities earn profit and why they should or shouldn't earn less means you can too. I stayed up till 3am trying to explain in an accessible way. Hopefully it was worth it!
heatmap.news/energy/calif...
heatmap.news/energy/calif...
Reposted by advait
On this week's SHIFT KEY:
@robinsonmeyer.bsky.social and @jessedjenkins.com wonk out with @advaitarun.bsky.social about project financing for data centers. Is it a bubble? And if so, what will that mean for clean energy?
Listen to find out:
podcasts.apple.com/us/podcast/s...
@robinsonmeyer.bsky.social and @jessedjenkins.com wonk out with @advaitarun.bsky.social about project financing for data centers. Is it a bubble? And if so, what will that mean for clean energy?
Listen to find out:
podcasts.apple.com/us/podcast/s...
How Clean Energy Could Prepare for an AI Bubble
Podcast Episode · Shift Key with Robinson Meyer and Jesse Jenkins · 11/19/2025 · 1h 19m
podcasts.apple.com
November 19, 2025 at 10:03 PM
On this week's SHIFT KEY:
@robinsonmeyer.bsky.social and @jessedjenkins.com wonk out with @advaitarun.bsky.social about project financing for data centers. Is it a bubble? And if so, what will that mean for clean energy?
Listen to find out:
podcasts.apple.com/us/podcast/s...
@robinsonmeyer.bsky.social and @jessedjenkins.com wonk out with @advaitarun.bsky.social about project financing for data centers. Is it a bubble? And if so, what will that mean for clean energy?
Listen to find out:
podcasts.apple.com/us/podcast/s...
As Keynes put it, “when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.”
This is a very good episode with @advaitarun.bsky.social.
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
open.spotify.com/episode/6onK...
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
November 19, 2025 at 9:32 PM
As Keynes put it, “when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.”
Reposted by advait
This is a very good episode with @advaitarun.bsky.social.
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
open.spotify.com/episode/6onK...
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
How Clean Energy Could Prepare for an AI Bubble
open.spotify.com
November 19, 2025 at 9:08 PM
This is a very good episode with @advaitarun.bsky.social.
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
Really interesting moment when they were musing about why data centers were the thing driving 40% of GDP right now, instead of housing or high speed rail. Why is speculation such a large part of how we do infrastructure spending in the US?
In @politico.com today talking about the challenge of building new nuclear plants in the United States.
The challenges? Completion risk, affordability anxiety, and demand uncertainty (from data centers!). We can't build new nuclear without addressing those.
The challenges? Completion risk, affordability anxiety, and demand uncertainty (from data centers!). We can't build new nuclear without addressing those.
November 19, 2025 at 9:05 PM
In @politico.com today talking about the challenge of building new nuclear plants in the United States.
The challenges? Completion risk, affordability anxiety, and demand uncertainty (from data centers!). We can't build new nuclear without addressing those.
The challenges? Completion risk, affordability anxiety, and demand uncertainty (from data centers!). We can't build new nuclear without addressing those.
Policymakers need to find a way to refinance the interconnection rights and PPAs of stranded data centers at a lower price point for other promising industries to pick up the slack.
With the difference that those uses probably wouldn't support the same sort of pricing as an AI datacenter which is very cost insensitive to electricity prices.
November 19, 2025 at 7:21 PM
Policymakers need to find a way to refinance the interconnection rights and PPAs of stranded data centers at a lower price point for other promising industries to pick up the slack.
Jesse is right to express skepticism about what we can do with 1 GW worth of interconnection.
But I'd also like to stress that the OB3A, tariffs, and policy uncertainty have decimated a lot of other promising industries' ability to scale. Having only one growth industry is a little dangerous!
But I'd also like to stress that the OB3A, tariffs, and policy uncertainty have decimated a lot of other promising industries' ability to scale. Having only one growth industry is a little dangerous!
open.spotify.com/episode/6onK...
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
How Clean Energy Could Prepare for an AI Bubble
open.spotify.com
November 19, 2025 at 7:17 PM
Jesse is right to express skepticism about what we can do with 1 GW worth of interconnection.
But I'd also like to stress that the OB3A, tariffs, and policy uncertainty have decimated a lot of other promising industries' ability to scale. Having only one growth industry is a little dangerous!
But I'd also like to stress that the OB3A, tariffs, and policy uncertainty have decimated a lot of other promising industries' ability to scale. Having only one growth industry is a little dangerous!
Reposted by advait
Polysilicon. >60,000 kWh per ton for solar-grade, >120,000 kWh per ton for semiconductor-grade, though demand for the latter is clearly somewhat correlated with what happens with data centers haha.
If Magrathea scales commercially as I hope then we'll need a magnesium smelter or two.
If Magrathea scales commercially as I hope then we'll need a magnesium smelter or two.
November 19, 2025 at 7:14 PM
Polysilicon. >60,000 kWh per ton for solar-grade, >120,000 kWh per ton for semiconductor-grade, though demand for the latter is clearly somewhat correlated with what happens with data centers haha.
If Magrathea scales commercially as I hope then we'll need a magnesium smelter or two.
If Magrathea scales commercially as I hope then we'll need a magnesium smelter or two.
Reposted by advait
open.spotify.com/episode/6onK...
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
How Clean Energy Could Prepare for an AI Bubble
open.spotify.com
November 19, 2025 at 3:17 PM
open.spotify.com/episode/6onK...
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Jenkins expresses skepticism about another user as power dense as a data center that could make use of a GW should the DC not show up, unless we start a new virgin Al industry.
We DO need clean steel, though, and our 7/8 blast furnaces will need 30+GW to replace
Reposted by advait
Mine too. And that will lead to weird comparisons between, for example AI (some data centers are not AI) and housing (I think all housing is housing?).
November 19, 2025 at 5:33 PM
Mine too. And that will lead to weird comparisons between, for example AI (some data centers are not AI) and housing (I think all housing is housing?).