{ "generatedAt": "2026-10-08T17:44:57Z", "disclaimer": "Analysis and opinion, not investment advice.", "kind": "person", "slug": "stephen-clapham", "name": "Stephen Clapham", "role": "Behind the Balance Sheet", "url": "https://deepstack.ltd/people/stephen-clapham/", "api": "https://deepstack.ltd/api/v1/entities/people/stephen-clapham.json", "summary": "Stephen Clapham appears in Part 1, Part 2, Part 6, Part 7, Part 8, Part 9 of The Buildout. Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.; Part 2: SpaceX Is Funding an AI Bet Before the Proof; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.. Argued in Part 7 (Debt: 99% of GDP, up from 35%), Part 9 (The rails and the atoms).", "parts": [ { "part": 1, "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "headline": "SpaceX Is Funding an AI Bet Before the Proof", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 6, "headline": "Power Doesn’t Depreciate. Its Premium Moves.", "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/" }, { "part": 7, "headline": "The Fed Hiked. The Long End Still Climbed.", "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 8, "headline": "AI Lenders Are Financing the End of Scarcity", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 9, "headline": "Habit Was the Moat. Agents Are Draining It.", "url": "https://deepstack.ltd/stories/habit-was-the-moat/" } ], "numbers": [], "mentions": [ { "part": 1, "section": "Long the chips, short the returns", "excerpt": "Stephen Clapham, relaying Boston Partners’ analysis in The $4.4 Trillion Question, takes the issue to its terminal form: whether AI data-center economics ever earn an adequate return for anyone, Nvidia included.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "section": "Three businesses, one ticker", "excerpt": "Stephen Clapham of Behind the Balance Sheet asked in a June 7 analysis why Musk is listing now.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 6, "section": "The rent will move", "excerpt": "Stephen Clapham sees Kirby selling primary power rather than backup.", "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/" }, { "part": 7, "section": "Three prices for 5%", "excerpt": "Stephen Clapham’s portfolio answer is close to zero exposure to Treasuries, except for long bonds issued at pandemic-era coupons that now trade near half their face value.", "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 8, "section": "Cash, or a loop", "excerpt": "Stephen Clapham sees rising data-center costs, falling token prices and cheaper models, many of them Chinese, pressing on returns.", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 9, "section": "The tollbooth shifts", "excerpt": "Stephen Clapham’s tank-terminal example makes the boundary vivid: land, permits, money and years are not a checkout feature.", "url": "https://deepstack.ltd/stories/habit-was-the-moat/" } ], "sides": [ { "part": 7, "question": null, "side": "debt", "sideLabel": "Debt: 99% of GDP, up from 35%", "claim": "The creator states they would maintain a near-zero weight in US Treasuries, other than those trading at a near-50% discount to nominal value which they see as an asymmetric bet, a position they say they have covered in recent weeks.", "date": "2026-09-20", "url": "https://behindthebalancesheet.substack.com/p/what-investors-are-missing-about", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/", "sidesUrl": "https://deepstack.ltd/sides/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 7, "question": null, "side": "debt", "sideLabel": "Debt: 99% of GDP, up from 35%", "claim": "The US 10 year yield has risen 24bps since Cembalest's quarterly was published and is now close to its 5 year high, following an earlier period in which it had risen only 10bps since Trump's initial 2025 tariff announcement while yields elsewhere…", "date": "2026-09-06", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/", "sidesUrl": "https://deepstack.ltd/sides/the-fed-hiked-the-long-end-kept-climbing/" }, { "part": 9, "question": "who-collects", "side": "rails-and-atoms", "sideLabel": "The rails and the atoms", "claim": "After listening to Daniel Susskind discuss the range of activities AI may change, the creator sees an appeal in assets that are relatively immune to AI disruption, such as a tank terminal that takes land, permits, capital and often years to build…", "date": "2026-09-27", "url": "https://behindthebalancesheet.substack.com/p/what-ai-cant-disrupt", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/", "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/" }, { "part": 9, "question": "who-collects", "side": "rails-and-atoms", "sideLabel": "The rails and the atoms", "claim": "Vopak's terminals occupy strategically valuable port locations that are difficult, slow and expensive to replicate, and the company has a market cap of €5.4bn versus an enterprise value of €8.3bn, which the creator sees as a massive discount to…", "date": "2026-09-27", "url": "https://behindthebalancesheet.substack.com/p/what-ai-cant-disrupt", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/", "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/" } ], "coverage": { "creators": 1, "claims": 651, "texts": 52, "asOf": "2026-10-08" }, "lastUpdated": "2026-10-08" }