Data Centers & Cloud

Data Centers & Cloud Insights

Research notes on earnings, market structure, and financial statements. Each piece starts with the conclusion, then lays out the evidence and implications.

2026-07-01

Liquid-cooled AI rack and heat removal graphic

Data Center Infrastructure

Jul 1, 2026

NVDA / SMCI / VRT / DELL•8 min read

Liquid Cooling Is Becoming the Default Thermal Stack for AI Data Centers

NVIDIA, Supermicro, Vertiv, and Dell are all describing 100kW+ racks, 120-132kW liquid-cooled designs, and large efficiency gains. The read-through is that liquid cooling has moved from an optional upgrade to the default thermal stack for AI factories.

Rack Density: 100-132kWWater Efficiency: >300x

Sandisk's Datacenter Breakout Shows NAND Has Stopped Behaving Like Commodity Flash

Sandisk's Q3 FY2026 results show revenue up 97% sequentially, gross margin at 78.4%, datacenter demand up 233%, and a zero-debt balance sheet. The read-through is that NAND is increasingly being priced like AI infrastructure capacity, not generic storage.

Revenue: $5.95BGross Margin: 78.4%

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2026-06-30

Abstract cloud capacity graphic showing AI compute scarcity and model access pressure

AI Infrastructure

Jun 30, 2026

GOOG•10 min read

Google's Gemini Capacity Wall Shows the Real Bottleneck in AI Is Compute Allocation

Google limiting Meta's use of Gemini is a clean signal that frontier AI is now constrained by capacity, not just model quality. That shifts pricing power toward the owners of cloud, custom silicon, and power.

Google Cloud growth: 63%Cloud backlog: >$460B

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2026-06-24

Abstract data center roadmap graphic showing Qualcomm moving from devices to cloud

Strategy

Jun 24, 2026

QCOM•10 min read

Qualcomm Data Center Pivot

Qualcomm used Investor Day to reframe itself as an AI infrastructure company. The targets are aggressive: a $40B non-handset business by fiscal 2029, more than $15B from data centers, and a software stack broad enough to challenge the idea that AI silicon has to be vertically owned by one vendor.

FY2029 target: $40BData center target: $15B+

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What to expect

Evidence-first notes with a visible point of view.

This section collects sharp takes on earnings, shareholder meetings, and market structure. Each new piece should make the thesis, the facts, and the implications obvious within the first few screens.

Expect direct analysis, not generic commentary.

Expect the data to be explicit and the argument to be easy to follow.

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