The leases are signed; the shovels are in the ground.
An unprecedented wave of datacenters are under construction.
Will there be enough enterprise AI revenues in 2028 to fund these leases when the facilities come online?
Or, did we overestimate demand, the money won't be there, and the leases need to be restructured?
That is the uncertainty we have to work through.
But there were two small positive datapoints last week.
The Anthropic S-1 and the Oracle Investor Day.
Let’s go through them.
Below is a link to the slides from the video.
Note: I filmed this Monday morning in London.
Oracle subsequently filed a prospectus for the $10bn equity raise announced at the Investor Day.
