MONEY IS MOVING TOWARD SCARCITY.
Bitcoin ETF flows just completed a roughly $6.6 billion reversal from their July low.
Wall Street is talking about paying as much as $25 billion for data-center infrastructure.
And Oracle is discovering that billions of dollars and some of the world's most advanced technology don't solve the most basic problem in the AI economy:
Where are you getting the power?
Meanwhile, $100 oil is feeding directly into the bond market
Forcing investors to rethink how long expensive money might stick around.
That's the convergence.
Bitcoin is a scarcity trade.
AI compute is becoming a scarcity trade.
Data-center capacity is a scarcity trade.
Transmission is a scarcity trade.
And reliable electricity may become the biggest scarcity trade of them all.
We've talked for months about the AI trade moving upstream.
Friday morning gives us a real-world example.
The model needs the chip.
The chip needs the data center.
The data center needs the megawatt.
And when the megawatt isn't there?
Even one of the biggest technology companies on Earth has a problem.
The digital economy is running headfirst into the physical economy.
And the physical economy gets the final vote.