Data Center Power Is the Real Bottleneck

AI capacity is bottlenecked on power, not chips. The companies that own electrons earn the durable returns.

Why power matters most

Compute can be deployed in months. Power generation and interconnection take years. The mismatch is durable, and the contracts being signed today will determine pricing power for the next decade.

Where I focus

Behind-the-meter generation adjacent to compute
Grid interconnection rights in scarce markets
Transformer and switchgear supply
Long-duration power purchase agreements

https://niklaslindahl.com/essays/data-center-power-is-the-real-bottleneck