The research

System, transaction, technology—and who captures the return.

VALUE CAPTURE01

Trace the gap between productivity, customer payments, operating profit, and the returns earned by capital providers.

Free full report · 12 min read↗

SYSTEM FRAMEWORK02

The connected system of chips, contracts, data centers, power, and capital that finances the AI buildout.

Free full report · 27 min read↗

TRANSACTION DEEP DIVE03

Follow the borrowing base, customer obligations, collateral, and guarantees through three distinct financing structures.

Free full report · 19 min read↗

TECHNOLOGY & FINANCE04

How model efficiency, GPUs and ASICs, power, and hardware refresh reshape cash flow, collateral value, and refinancing.

Free full report · 32 min read↗