https://www.kylewisniewski.com/institutional-aiInstitutional AI, on the record.en https://www.kylewisniewski.com/institutional-ai/analysis/sovereign-computehttps://www.kylewisniewski.com/institutional-ai/analysis/sovereign-computeFri, 11 Sep 2026 12:00:00 GMTGovernments have put more than a trillion dollars of AI infrastructure under their names since January 2025. Almost none of it is their money, and almost none of it is built. https://www.kylewisniewski.com/institutional-ai/analysis/capex-ledgerhttps://www.kylewisniewski.com/institutional-ai/analysis/capex-ledgerFri, 11 Sep 2026 12:00:00 GMTFive companies will spend about $800 billion on equipment in 2026, more than they generate in operating cash. The number to watch is the depreciation schedule underneath it. https://www.kylewisniewski.com/institutional-ai/analysis/the-substationhttps://www.kylewisniewski.com/institutional-ai/analysis/the-substationFri, 11 Sep 2026 12:00:00 GMTPower is the binding constraint on the AI buildout, and the contracts prove it: 474 GW in the Texas queue, capacity prices at the cap two years running, turbine slots sold to 2031.