The DeepStack Call · Part 06 · Power
Power Doesn’t Depreciate. Its Premium Moves.
ConstructiveLong access, not hardware
This is a power-access trade before it is a chip trade. Own the permit and the interconnect, not the loudest fleet.
ConvictionHigh
What to do with this
- Value AI sites on connected megawatts, never on contracted ones.
- Pay for delivery speed: Bloom’s 55-day timeline is where the premium lives.
- Mark down GPUs parked behind late interconnections; they generate cost, not rent.
Next test · Dec 10, 2026ERCOT is due to verify its first large-load batch study; the cleared list shows whether Texas weeds out speculators or rations power.