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.

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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.

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Active data center construction site with cranes and steel framework

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.

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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 curated analysis of the developments that matter most, published every Tuesday morning. Five key items with context, data, and a point of view — not a news recap.

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.

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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.

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Full-Stack Coverage

No other independent source covers the complete physical infrastructure layer — from grid interconnection through capital allocation — at institutional quality.

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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.

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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.