{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The AI Supercycle","title":"The Price of Speed: Who Pays for the AI Boom?","html":"","width":"100%","height":180,"duration":1662,"description":"Episode 12: The Price of Speed: Who Pays for the AI Boom?\nGoogle Goes Nuclear, Bond Yields Hit the Exosphere and New York Asks for an AI Off Switch\n\nSummary\nTwenty years, twenty days. This week Google signed a twenty-year nuclear power agreement with Constellation Energy, part of a deal for nearly 3.6 gigawatts, just as America's largest power grid proposed that data centres bring their own power. At the same time, the G7 rushed emergency diesel to market within twenty days. Between those two time horizons sits the AI Supercycle.\nTim Hardwick asks what moving this quickly really costs, in capital, electricity, physical infrastructure and risk. He follows the ten-year Treasury yield into what Brent Donnelly calls the exosphere, and traces the money behind Anthropic's $518 billion of commitments, SoftBank's high-yield borrowing and SpaceX's reported chip financing. He also looks at New York City putting the leading AI labs under oath, and explains why diesel still matters to a boom that runs on electricity.\nKey Points\nThe US ten-year Treasury yield reached 5.34 per cent, its highest since 2002. Yields dipped on Friday's weak jobs report, then closed the day higher.\nGoogle's 3.6 gigawatt deal with Constellation answers PJM's proposal that data centres bring their own power or risk being cut off at peak demand. It's the power constraint turning into a rule.\nMorgan Stanley sees a 32 gigawatt US power shortfall through 2028. Delayed sites hit memory, optics and power-management chips harder than Nvidia and Broadcom.\nAI capital is increasingly circular. Broadcom may lend Anthropic up to $42 billion to lease Broadcom-linked capacity, and SoftBank borrowed at close to ten per cent to complete its OpenAI investment.\nSoftware stocks are at 2026 highs, but are up only about 5 per cent this year against nearly 90 per cent for chips. The revenue question is still open.\nAssurance is becoming an economic layer. The White House accord is voluntary, while New York's proposals...","thumbnail_url":"https://img.transistorcdn.com/EGB2CNeTYtgbCY9EmoM0RaP0QpKAA8nMGPTJc4-3t_4/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zYzBi/MjViMjg0NDU1N2Ux/OTYzOTVkYjkxZjRm/MGExOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}