The hottest Investment Substack posts right now

And their main takeaways
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Top Business Topics

Erdmann Housing Tracker, 2025 Year in Review (January to March)

Erdmann Housing Tracker ā€¢ 252 implied HN points ā€¢ 25 Mar 26
šŸ’¼ Business Investment
  1. The housing shortage and rules that block new construction, along with tighter mortgage access, have pushed rents way up and suppressed household formation, which hits low-income families hardest.
  2. Common economic measures get the story backwards: rising rents drive price/rent ratios and displace poorer households, and metro-area averages mask the within-city inequalities that matter most.
  3. Policy choices ā€” from lending rules to bans on investor activity and restrictive zoning ā€” are a major cause of the problem, and building more homes is the practical market solution that would reduce inequality.

Something feels weird about this economy

Noahpinion ā€¢ 24823 implied HN points ā€¢ 07 Mar 26
šŸ’¼ Business Investment
  1. The overall economy looks reasonably healthy right now, with steady GDP growth, high prime-age employment, and inflation roughly near target.
  2. Productivity has surged to around 2.5ā€“3% growth, driven largely by manufacturing gains and a boom in data centers and computing capital rather than just office workers using AI tools.
  3. Despite rising productivity, job growth has stalled and unemployment has ticked up mainly because more people are looking for work, creating a mismatch between output gains and hiring.

åŠ ę²¹ęƔē‰¹åø Let's Go Bitcoin

Crypto Trader Digest ā€¢ 2281 implied HN points ā€¢ 28 Oct 24
šŸ”® Crypto Investment
  1. Governments often inflate property bubbles to maintain public support, as owning property ties people's wealth to the state. If people feel secure about their homes, they're less likely to revolt.
  2. China is facing a property bubble crisis similar to those seen in other countries, and it might inject a lot of money into the economy to recover. This could lead to more yuan being traded for Bitcoin as people seek to protect their wealth.
  3. Even though the current stimulus might seem small, once people realize that money is being pumped into the economy, there could be a rush to buy Bitcoin. Historically, Bitcoin tends to rise sharply when significant money is printed.

Reading List 02/21/26

Construction Physics ā€¢ 24636 implied HN points ā€¢ 21 Feb 26
šŸ’¼ Business Investment
  1. Home prices rose in parts of the Midwest and Northeast while falling in much of the South, and this pattern lines up with areas that have older housing stock versus new post-2000 construction. Places that saw the biggest COVID-era price booms are now often the hardest markets to sell in.
  2. Chinese EV makers have a major cost edge mainly because they vertically integrate much of production, cutting supplier markups. Meanwhile, global supply chains are shifting ā€” big chip and memory fabs are being built in the U.S. even as many U.S. automakers write down or scale back costly EV investments.
  3. Political and policy changes are reshaping incentives: renewed pushes to cut property taxes and long-standing anti-growth legacies affect development and housing, while anti-vaccine political pressure and potential legal changes are squeezing vaccine makers and reducing investment and jobs.

The Sequence Radar #828: NVIDIAā€™s GTM Releases, Bezosā€™s $100B Bet, Xiaomiā€™s Ambush, and the Fracturing of OpenAI

TheSequence ā€¢ 259 implied HN points ā€¢ 22 Mar 26
šŸ•¹ Technology Investment
  1. NVIDIA is no longer just a chip maker ā€” itā€™s building fullā€‘stack agentic software and infrastructure like Dynamo, NemoClaw, and an Agent Toolkit to be the orchestration layer for enterprise AI.
  2. Xiaomiā€™s MiMoā€‘V2ā€‘Pro is a surprise frontier model: a 1ā€‘trillionā€‘parameter, 1ā€‘millionā€‘token system tuned for action and physical integration that rivals top Western models at much lower inference cost.
  3. AI is moving into the physical world and driving huge bets and tensions ā€” Jeff Bezos is mobilizing roughly $100B to AIā€‘transform manufacturing, while compute scarcity is straining deals and partnerships such as between Microsoft and OpenAI.
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Architecture Billings Declined Slightly in February

CalculatedRisk Newsletter ā€¢ 229 implied HN points ā€¢ 18 Mar 26
šŸ’¼ Business Investment
  1. Architecture billings stayed just below growth in February (ABI 49.4) and the index has been in contraction for 38 of the last 41 months, showing persistent weakness even as some measures hint at stabilization.
  2. Multi-family billings have been under 50 for 43 straight months, which signals ongoing weakness in the multifamily market and likely fewer multifamily starts ahead.
  3. Because the ABI typically leads commercial real estate investment by 9ā€“12 months, the prolonged ABI contraction points to a slowdown in CRE investment through 2026, with notable regional and sector differences (the South near flat, the Northeast particularly weak, and commercial/industrial softer).

I think India can do it

Noahpinion ā€¢ 26823 implied HN points ā€¢ 18 Dec 25
šŸ’¼ Business Investment
  1. India is growing fast enough that, if those perā€‘capita growth rates are sustained, living standards could rise to upperā€‘middle or developedā€‘country levels within a generation.
  2. Recent policy moves ā€” like labor law changes, big financial reforms, and a manufacturing upswing (including more electronics and Apple production) ā€” show the country can mobilize resources and climb the industrial value chain.
  3. Real risks exist (state fragmentation, competition from China, low female labor participation, and costly capital), but continued reforms, foreign partnerships, and the political momentum created by growth can help India overcome them.

The AI bust scenario that no one is talking about

Noahpinion ā€¢ 29294 implied HN points ā€¢ 09 Dec 25
šŸ’¼ Business Investment
  1. AI is already being widely adopted and is likely a real, useful general-purpose technology rather than a VR-style fad.
  2. Even if AI creates huge value, debt-fueled spending on data centers could outpace how fast that value is captured, causing loan defaults and broader financial stress like the 1873 railroad bust.
  3. AIā€™s value might not translate into profits for the companies building it, because core AI services could become commoditized and low-margin so builders donā€™t capture most of the returns.

Yao Yang on three shifts he saw in the U.S. and in China-U.S. relations

Pekingnology ā€¢ 67 implied HN points ā€¢ 24 Mar 26
šŸŒ World Politics Investment
  1. Fewer Chinese students are coming to the U.S., which is squeezing public university budgets because stricter visa/work policies and better job prospects at home make U.S. study less attractive.
  2. American attitudes and strategy on China are shifting: a new generation of scholars and changing political camps are more sober and interest-driven, favoring selective, pragmatic policy over older emotional or broadly expansionist approaches.
  3. True decoupling is limited because the U.S. and China remain economically complementary, while capital-driven narratives (like AI hype) and fast-changing policy create public anxiety and leave think tanks lagging behind events.

A trillion dollars is a terrible thing to waste

Marcus on AI ā€¢ 23555 implied HN points ā€¢ 27 Nov 25
šŸ•¹ Technology Investment
  1. Relying on everā€‘larger LLMs is hitting diminishing returns: they still hallucinate and generalize poorly, so new techniques like neurosymbolic methods and builtā€‘in inductive constraints are needed.
  2. Huge sumsā€”on the order of a trillion dollarsā€”have been poured into scaling experiments, risking large financial losses and broader economic fallout if the AI investment bubble deflates.
  3. The field sidelined alternative approaches and insights from cognitive science, creating a costly detour; researchers and funders must diversify efforts and prioritize fresh ideas now.

Two takes on AI and the future of America

Marcus on AI ā€¢ 11461 implied HN points ā€¢ 23 Dec 25
šŸ•¹ Technology Investment
  1. Huge bets on large language models have driven a boom in chips and data center construction, but real-world performance and trust are lagging, so those assets could become overvalued and risky.
  2. Multiple studies and company experiences show generative AI often fails to deliver the promised productivity gains and can sometimes harm outcomes, so itā€™s premature to treat it as a guaranteed productivity revolution.
  3. Putting an entire economy or national strategy all-in on generative AI is dangerous; diversification and cautious risk management are needed to avoid big losses or calls for bailouts.

Open Thread: Thoughts on 2026?

BIG by Matt Stoller ā€¢ 6990 implied HN points ā€¢ 28 Dec 25
šŸ’° Finance Investment
  1. An open-thread invites the community to reflect on the past year in monopolies and finance and to share predictions for 2026.
  2. There wasnā€™t much news, so the usual monopoly roundup is paused and the newsletter is taking a short break to recharge.
  3. Readers are encouraged to answer three optional questions and continue the conversation, with access offered via a free courtesy post or a paid subscription.

The Transcript Editor's Commentary

The Transcript ā€¢ 19 implied HN points ā€¢ 30 Oct 24
šŸ’° Finance Investment
  1. The economy seems stable and strong, with good consumer spending and low delinquency rates. People are feeling positive about their finances.
  2. Optimism in businesses is growing, especially with recent changes in interest rates. However, for more demand, companies want more rate cuts and easier lending conditions.
  3. The upcoming presidential election is important for the economy. The new president will influence economic policies that could affect the markets for years to come.

Chartbook 423 Some topical material on Venezuela. Hopefully useful.

Chartbook ā€¢ 4334 implied HN points ā€¢ 05 Jan 26
šŸŒ World Politics Investment
  1. Venezuelaā€™s oil story has three phases: rapid growth under high rent extraction until the 1976 nationalisation, a 1990sā€“2000s recovery after the Apertura that drew big foreign investment, and a sharp collapse in the mid-2010s that sanctions and institutional decline worsened.
  2. The headline that Venezuela has the ā€œlargest oil reservesā€ is misleading because much of the booked volume is extraā€‘heavy Orinoco crude that is expensive and technically hard to produce; proved reserves shift with prices, technology, and institutional capacity.
  3. Opening to foreign investors brought large CAPEX but later policy reā€‘structuring triggered massive arbitration claims and litigation, so whoever governs Venezuela faces both valuable assets and large liabilities amid geopolitically driven interventions and sanctions.

FDI is the missing piece of Japanā€™s puzzle

Noahpinion ā€¢ 7058 implied HN points ā€¢ 17 Dec 25
šŸ’¼ Business Investment
  1. Japan should focus on attracting greenfield FDI ā€” foreign firms building new factories and research centers ā€” because these projects bring fresh investment, local jobs, and direct technology transfer.
  2. Increasing exports is crucial to strengthen the yen and offset a shrinking domestic market, and greenfield platform FDI is an effective way to create export-oriented production and accelerate learning-by-exporting.
  3. Japan already has strong selling points for investors (a weak yen, skilled suppliers, national security/ā€˜friendshoringā€™ appeal, efficient permitting, and global desire to live there), so policy should target and scale greenfield platform FDI across multiple high-value industries beyond semiconductors.

āøļøšŸ’Ø The pause before the gale

Faster, Please! ā€¢ 1462 implied HN points ā€¢ 06 Feb 26
šŸ•¹ Technology Investment
  1. AI is currently creeping into many jobs and industries unevenly, but its technical capabilities are improving fast and could trigger a sudden, much bigger shift down the road.
  2. The short-term picture is mixed: some firms will see big productivity gains while many workers and incumbent businesses face disruption, and public anxiety can amplify market volatility.
  3. If companies invest more in data, systems integration, and reorganizing work, AI could move beyond automating tasks to raise overall productivity and unlock large gains in growth, wages, health, and education.

Op-ed in Foreign Policy: ā€˜Made in Americaā€™ Should Accept Chinese Investment

Pekingnology ā€¢ 98 implied HN points ā€¢ 17 Mar 26
šŸŒ World Politics Investment
  1. The U.S. should allow tightly constrained Chinese investment that protects national security through legal ringfencing, governance safeguards, robust audits, and a clear link to American production and jobs.
  2. Broadly excluding Chinese participation is counterproductive and inconsistent with other U.S. economic goals, because it raises costs, slows manufacturing scale-up, and conflicts with efforts that deepen Chinaā€™s reliance on U.S. supply.
  3. Policy should use a precise risk test focused on control or privileged data access, favor structured partnerships and minority stakes with governance concessions, and press Beijing to make data-security rules legible and enforceable to enable limited cooperation.

Top Links 1012 Google's investing. The economic cost of Brexit. Adrienne Rich's Sources & "the strangersā€™ case"

Chartbook ā€¢ 472 implied HN points ā€¢ 13 Feb 26
šŸ’¼ Business Investment
  1. Google is dramatically ramping up capital spending ā€” jumping from around $25ā€“30bn to about $185bn in 2026 ā€” indicating a big push into infrastructure and future growth.
  2. Analyses emphasize the economic cost of Brexit, pointing to lasting hits to trade, investment, and overall UK growth.
  3. Thereā€™s literary attention on Adrienne Richā€™s Sources and the poem "the strangersā€™ case", which probe themes of identity, belonging, and social critique.

Is This What a Bubble Looks Like at the Top?

The Honest Broker ā€¢ 13364 implied HN points ā€¢ 08 Aug 25
šŸ’¼ Business Investment
  1. There's a lot of money being tossed around to hire top talent in tech, with some salaries reaching hundreds of millions. This makes it seem like things are going great, even if some companies are losing money.
  2. In contrast, real-world businesses like McDonald's are seeing less customer spending as people struggle to afford basic meals. This suggests economic stress for many.
  3. This situation raises questions about whether we're in a booming AI economy or if people are too broke to enjoy the benefits. It's a complicated picture with serious implications.

Market Sizing 101

The VC Corner ā€¢ 759 implied HN points ā€¢ 23 Aug 24
šŸ’¼ Business Investment
  1. Understanding the size of your market is crucial for attracting investors and growing your business. A clear market size can make your pitch stand out.
  2. Market sizing involves knowing categories like Total Addressable Market (TAM) and Serviceable Available Market (SAM). These help you understand how big your market really is and how much of it you can reach.
  3. Many founders get stuck on the idea of a 'billion-dollar market'. It's important to look at market size more deeply, rather than just chasing big numbers. This helps avoid bad assumptions and discover real opportunities.

Behind $800M in Funding: 25+ Successful Startup Pitch Decks šŸ’°

The VC Corner ā€¢ 699 implied HN points ā€¢ 24 Aug 24
šŸ’¼ Business Investment
  1. A good pitch deck shows what your business is about and why it's valuable. It helps convince investors to trust your project and consider investing.
  2. Successful pitch decks make complicated ideas easy to understand. This is important so investors know what you're offering, even if they aren't experts in your field.
  3. To stand out, you need to show what makes your business special. Highlighting your unique approach helps attract interest in a competitive market.

Chartbook 420 Is "decline" really Europe's problem. Or is Europe the more agreeable downleg of a K-shaped OECD?

Chartbook ā€¢ 2074 implied HN points ā€¢ 21 Dec 25
šŸ’¼ Business Investment
  1. Whether Europe is "in decline" depends on the data source: some measures show European output per hour matching or exceeding the US, while OECD/AMECO data point to a real gap.
  2. The productivity difference is mainly driven by a small set of US superstar tech firms and higher investment per worker, while Europeā€™s shorter hours and social tradeoffs make its economy look different rather than simply worse.
  3. Recent shocks (COVID and the Ukraine war) widened the gap, but the pattern reads more like a K-shaped divergenceā€”a strong tech-led upleg in the US and a broader downleg for Europe and much of the restā€”so 'decline' may be an overstated present diagnosis and a conditional future risk.

What can India do to industrialize?

Noahpinion ā€¢ 11941 implied HN points ā€¢ 04 Aug 25
šŸ’¼ Business Investment
  1. India has struggled with industrialization due to strict labor laws that make it hard for big companies to adjust their workforce. Changing these rules could help factories grow and be more flexible.
  2. Acquiring land for industry is a big challenge, causing high costs and delays. Making it easier to convert agricultural land for industrial use could boost manufacturing.
  3. India needs to embrace international trade more openly to grow its industries. Focusing on exports and forming trade agreements can help Indian products compete globally.

Living beyond the edge

The Leap ā€¢ 919 implied HN points ā€¢ 15 Aug 24
šŸ’¼ Business Investment
  1. Skill and luck both play important roles in success, and understanding their balance can help us navigate challenges better.
  2. Nate Silver's new book dives into how to make decisions when facing uncertainty, which is relevant in today's world.
  3. Historically significant moments in tech, like the founding of PayPal, highlight the importance of timing and opportunity in achieving greatness.

Notes on DeepSeek: Generative AI is All About the Applications Now

Big Technology ā€¢ 25395 implied HN points ā€¢ 27 Jan 25
šŸ•¹ Technology Investment
  1. Generative AI is now cheaper to build, making it easier for developers to create new applications. This means we might start seeing more innovative uses of AI technology.
  2. The focus is shifting from how much money is spent on infrastructure to what practical applications can be built with AI. This could change the way companies approach AI development.
  3. While there is potential for exciting products, there is still uncertainty about how to effectively use generative AI. Not all that has been built so far has met high expectations.

What Do You Invest in?

Pratyushā€™s Newsletter ā€¢ 79 implied HN points ā€¢ 16 Oct 24
šŸ’¼ Business Investment
  1. Investors should look for unique founders who stand out with exceptional traits, like intelligence and grit. A well-rounded person often doesn't lead to great investments.
  2. Successful companies often become the top choice in their category and have strong characteristics that help them stay ahead. These can include tricky competition or special technology.
  3. Timing is crucial; it's better to invest in companies before they become popular in the market. If everyone's already paying attention, it might be too late to find a winner.

Privatize Ollantaytambo

Bet On It ā€¢ 241 implied HN points ā€¢ 09 Feb 26
šŸ Travel Investment
  1. Machu Picchu and its transfer logistics are badly managed, with confusing booking, underpriced tickets, and excessive passport checks that make visiting needlessly painful.
  2. Privatizing Ollantaytamboā€”auctioning the main and satellite sites plus the road from the train stationā€”could quickly fund better marketing, easy payments, bag checks, and a frequent luxury tram, boosting visitor satisfaction and local tourism income.
  3. Making Ollantaytambo a privatization showcase is politically easier than selling Machu Picchu and could prove the case for wider private management by delivering fast economic and infrastructural wins.

āš”ļø Top 10 news of the week

digitalhealthinsider ā€¢ 39 implied HN points ā€¢ 18 Oct 24
šŸ„ Health & Wellness Investment
  1. Health tech investments are looking better in 2024, suggesting a recovery in the market. This may lead to more innovative solutions in healthcare.
  2. Companies like Oshi Health and Eleanor Health are raising significant funds to improve virtual care and substance use treatment. This shows a growing focus on essential health services.
  3. Google has launched an AI tool for healthcare that is now available for everyone. This could make it easier for people to find health information quickly.

Model City Monday 2/3/25

Astral Codex Ten ā€¢ 15417 implied HN points ā€¢ 03 Feb 25
šŸ‡ŗšŸ‡ø U.S. Politics Investment
  1. The Honduran Supreme Court has ruled charter cities unconstitutional, impacting Prospera, which is now trying to adapt to regular laws while also pursuing a $10 billion lawsuit for damages.
  2. Saudi Arabia's NEOM project, initially planned as a long linear city, has scaled back to a shorter model, focusing on hosting upcoming major events, showcasing the challenges in large city development.
  3. Trump has proposed creating ten 'freedom cities' on federal land in the U.S., sparking debate about the feasibility and implications of building new cities in less desirable locations.

Term Sheets Demystified šŸ“„šŸ¤

The VC Corner ā€¢ 659 implied HN points ā€¢ 25 Jul 24
šŸ’¼ Business Investment
  1. A term sheet is a non-binding agreement that lays out the basic terms of an investment. It's like a guide for both investors and founders to understand what's being offered.
  2. Key parts of a term sheet include the investment amount, valuation, and liquidation preferences. These details help both sides know what to expect if the company is sold or liquidated.
  3. Dividends can be part of a term sheet too, specifying how much investors might earn annually. It helps clarify when and how investors would get paid.

Dear Conservatives: Shape the AI Future Before It's Shaped for You

The Dossier ā€¢ 121 implied HN points ā€¢ 13 Feb 26
šŸ•¹ Technology Investment
  1. Conservatives should stop treating AI as an enemy and actively engage as entrepreneurs, investors, technologists, and customers to help shape its direction.
  2. If conservatives donā€™t participate, AI systems will be designed by a narrow tech elite and their philosophical assumptions will get baked into training data, safety rules, and product norms.
  3. The window to influence AI is closing because power and infrastructure are consolidating and regulation will be slow, so act now to insert conservative values into mainstream systems rather than waiting or building isolated alternatives.

WOAH: Bill Gates invested MILLIONS in BioNTech JUST BEFORE covid

The Freedom Corner with PeterSweden ā€¢ 4304 implied HN points ā€¢ 26 Jan 24
šŸ“° News Investment
  1. Bill Gates invested millions in BioNTech just before Covid, which turned out to be very profitable for him.
  2. Bill Gates donated $20 million to the BBC, which reportedly misrepresented the risk of Covid to increase public support for lockdown.
  3. Bill Gates' foundation committed $1.27 billion to advance Global Goals, including funding for global digital ID.

āœØ The Age of AI is starting to bloom

Faster, Please! ā€¢ 1279 implied HN points ā€¢ 14 Nov 25
šŸ•¹ Technology Investment
  1. AGI, or artificial general intelligence, isn't expected to arrive soon. Many experts believe we still have years ahead before we reach that level of AI.
  2. Currently, we're not facing an AI bubble. Investments in AI are growing steadily, and there's a lot of expected economic value to come from it in the future.
  3. There are signs that recent AI advancements are starting to positively impact the U.S. economy, helping businesses become more productive and profitable.

Top Links 976 AI investment surges. China in Saudi Arabia. Coffee under stress & looking back at Avalon Hill.

Chartbook ā€¢ 386 implied HN points ā€¢ 08 Jan 26
šŸ’¼ Business Investment
  1. AI and tech investment are surging, with tech spending approaching about 5% of the US economy. This shift makes tech a major driver of growth and corporate investment.
  2. China is deepening its presence in Saudi Arabia, expanding economic and diplomatic ties between the two countries. That growing relationship has notable implications for global energy and geopolitics.
  3. The coffee sector is under stress, facing pressures that threaten production and markets. Thereā€™s also a renewed interest in looking back at Avalon Hill as part of cultural or historical reflection.

The Only Pitch Guyde Youā€™ll Ever Need

Remarkable People ā€¢ 699 implied HN points ā€¢ 03 Jul 24
šŸ’¼ Business Investment
  1. Choose the right audience for your pitch. It's crucial to identify the right venture capital firms and specific people to contact for better chances of success.
  2. Get a warm introduction instead of cold emailing. Knowing someone who can introduce you increases the chances of getting a meeting.
  3. Practice your pitch and engage your audience. Start strong, tell a compelling story, and be confident in your delivery to leave a lasting impression.

Reading List 02/15/25

Construction Physics ā€¢ 8351 implied HN points ā€¢ 15 Feb 25
šŸ’¼ Business Investment
  1. California is facing a homeowners insurance crisis, with the state relying on private insurers for a bailout to support its last-resort fire insurance, leading to increased costs for homeowners.
  2. Tech companies are vastly increasing their investments in AI data centers, with major players like Microsoft and Google planning to spend over $215 billion combined this fiscal year.
  3. Tesla is seeing a decline in sales both in Europe and the US, which may be linked to public perception of Elon Musk and his influence on politics.

From Numbers to Narrative: Financial Modeling for Founders šŸ“Š

The VC Corner ā€¢ 579 implied HN points ā€¢ 12 Jul 24
šŸ’¼ Business Investment
  1. Financial modeling is all about telling your startup's story using numbers. It's important for getting investments and managing your business well.
  2. A solid financial model includes three main statements: the Income Statement, Balance Sheet, and Cash Flow Statement. These help you understand your revenue, costs, and financial position.
  3. Building a financial model starts by defining your assumptions. This helps you predict future performance and make informed decisions for your startup.

Top Links 971 Tech billionaires. Big ingots. Soviet surrealism & the banger.

Chartbook ā€¢ 371 implied HN points ā€¢ 03 Jan 26
šŸ’° Finance Investment
  1. Tech billionaires added about half a trillion dollars to their personal wealth in 2025.
  2. The edition mixes data-heavy items with cultural pieces, including Soviet surrealism and visual art like Eugene Bermanā€™s painting.
  3. Chartbook is a curated newsletter that offers free previews alongside paid subscriber content and relies on reader support.

šŸ›¢ļøāœØ What the shale boom tells us about the AI boom

Faster, Please! ā€¢ 456 implied HN points ā€¢ 02 Jan 26
šŸ•¹ Technology Investment
  1. New general-purpose technologies like AI often consume huge amounts of capital before their real economics become clear.
  2. This pattern repeats past booms (for example, shale and the internet), so massive early investment is familiar rather than entirely new.
  3. Expect a queasy transition period where winners and losers are uncertain and the true economics gradually settle over time.

America's $1T AI Gamble

Apricitas Economics ā€¢ 131 implied HN points ā€¢ 10 Feb 26
šŸ’¼ Business Investment
  1. U.S. companies are now spending over $1 trillion a year on AI-related software, computers, and data centers, a record investment driven mainly by the big tech hyperscalers.
  2. Much of the costly hardware is importedā€”especially from Taiwan, Mexico, and Malaysiaā€”so a large share of the near-term economic gains goes to foreign manufacturers rather than directly to U.S. GDP.
  3. The boom is straining supply chains and power grids, pushing up component and memory prices, and revenues havenā€™t yet caught up, so whether the massive investment will pay off remains uncertain.