Canada’s Data Center Power Paradox: Plenty of Electricity, Not Enough Capacity

By | November 9, 2026
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Canada is often viewed as an ideal destination for data centers. It offers abundant natural resources, low-carbon electricity, and more than 159 GW of installed generation capacity. On paper, power should not be a constraint. Yet that headline number masks a more complicated reality. For large AI and cloud campuses, the challenge is increasingly not… Read More: Canada’s Data Center Power Paradox: Plenty of Electricity, Not Enough… »

SpaceX and the Upper C-Band Spectrum Auction: A Test of Mobile Intent

By | November 2, 2026
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The Upper C-Band auction will show whether SpaceX truly wants to challenge terrestrial operators head-on. Recent deals have already sharpened the threat. SpaceX agreed to acquire Grain Management’s nationwide 800 MHz portfolio, reportedly valued at about $8 billion. The licenses include up to 14 MHz of paired spectrum and still need FCC approval. Low band… Read More: SpaceX and the Upper C-Band Spectrum Auction: A Test of… »

Oracle, Force Majeure, and the Hidden Risks Behind the AI Infrastructure Boom

By | October 5, 2026
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On September 24, Oracle issued a force majeure notice related to Project Jupiter, a 1,400-acre data center campus under development in New Mexico by Stack Infrastructure, a subsidiary of Blue Owl. Blue Owl has provided an $18 billion debt facility to support the project, which is part of the Stargate initiative involving OpenAI and SoftBank,… Read More: Oracle, Force Majeure, and the Hidden Risks Behind the AI… »

LEO Satellite Constellations: From Capital Treadmill to Economic Flywheel

By | September 24, 2026
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I’ve been thinking about the economics of LEO constellations for some time, particularly as the industry moves toward larger constellations, greater vertical integration and increasingly diverse applications. The conventional argument is straightforward: scale lowers costs, lower costs enable more capacity, and more capacity creates more customers. But there is another side to the equation: satellites… Read More: LEO Satellite Constellations: From Capital Treadmill to Economic Flywheel »

The Four Investment Strategies Reshaping AI Infrastructure

By | September 3, 2026
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For the past two years, most conversations about AI infrastructure investment have collapsed into a single question: training or inference. That frame helped early on, but it no longer matches how capital moves. When you study recent activity from Blackstone, KKR, Brookfield, DigitalBridge, and I Squared Capital, you see the market adopting four AI infrastructure… Read More: The Four Investment Strategies Reshaping AI Infrastructure »

The Fractured Race for Canada AI Data Center Power

By | July 27, 2026
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It was revealed earlier this month that ISED prepared a pitch deck for AI Minister Evan Solomon to use with international investors. The deck made two bold claims about Canada AI data center power: Canada had about 337 MW of AI data center capacity; and 20 GW of projects under planning or development, a figure… Read More: The Fractured Race for Canada AI Data Center Power »

The Phantom Gigawatts: Understanding the Data Center Capacity Gap

By | July 11, 2026
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Capital continues to surge into AI data center development at a pace rarely seen in digital infrastructure. Developers and hyperscalers announce multi gigawatt campuses every week. These announcements create momentum, but they often mask a large data center capacity gap between headline numbers and real, committed capacity. This post examines why the data center capacity… Read More: The Phantom Gigawatts: Understanding the Data Center Capacity Gap »

AI Data Center Power Risk: A Framework for Grid and Energy Risk Assessment

By | July 4, 2026
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Capital is flooding into AI data center development at a pace that has few precedents in digital infrastructure. Hyperscalers, developers, and financial sponsors are committing tens of billions of dollars to campuses that, in many cases, did not exist as a line item in anyone’s capacity plan three years ago. Much of the investor scrutiny… Read More: AI Data Center Power Risk: A Framework for Grid and… »

Big Carriers Get Selective: Lessons from the $3.57 Billion AWS-3 Auction 113

By | June 28, 2026
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FCC Auction 113 offered the remaining AWS-3 inventory, largely the former EchoStar holdings. What unfolded was not a broad land grab but a disciplined portfolio exercise. Verizon, T Mobile, and AT&T shaped the auction’s trajectory, driving $3.57 billion in proceeds over 72 rounds. Large markets cleared early; smaller markets carried the auction into its later… Read More: Big Carriers Get Selective: Lessons from the $3.57 Billion AWS-3… »

Canadian Telecom Restructuring and the Quiet Collapse of Pricing Power

By | May 15, 2026
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Following the update on the U.S. telecom market, I wanted to take a snapshot of how the Canadian telecom restructuring is unfolding in 2026. At the macro level, the themes are familiar. The 5G deployment cycle is winding down and operators are focused on debt reduction through lower capex and selective divestments. Yet the Canadian… Read More: Canadian Telecom Restructuring and the Quiet Collapse of Pricing Power »

Towers to Trenches: Re-digging Telco’s Strategic Moat in a Convergence-First Era

By | May 11, 2026
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Following Xona Partners’ annual market update, I wanted to share a clearer view of the U.S. telecom market as I see it today. The industry has entered a structural reset. Operators are consolidating around fiber as the strategic asset, convergence as the competitive lever and disciplined capital allocation as the operating reality. Strategic acquisitions and… Read More: Towers to Trenches: Re-digging Telco’s Strategic Moat in a Convergence-First… »

Orbital Data Centers: Is Space the Escape Hatch for AI Compute?

By | April 27, 2026
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Orbital Data Centers (ODCs) surged into the spotlight after SpaceX filed for a constellation of 1 million satellites and StarCloud spoke of a 5 GW orbital data center powered by a 4×4 km solar array. Processing data in space is not new. Satellites already run GPU class compute to filter and compress data before downlink.… Read More: Orbital Data Centers: Is Space the Escape Hatch for AI… »

The Amazon Globalstar Acquisition: Decoding the Strategy for D2D Dominance

By | April 16, 2026
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The Amazon Globalstar acquisition, valued at $11.57 billion, centers on the strategic value of MSS spectrum. However, there are several additional elements worth noting. I will drill into these aspects to provide a more rounded view of the deal and its market impact. Strategic Assets and Operational Synergy MSS spectrum is one of the most… Read More: The Amazon Globalstar Acquisition: Decoding the Strategy for D2D Dominance »

Beyond the Pipes: Navigating the Intelligence-First Era of Digital Infrastructure

By | April 10, 2026
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The 2026 trade show season, which spanned PTC in Honolulu, MWC in Barcelona, and Satellite 2026 in Washington, made it abundantly clear that the telecom industry revolves around AI as both a user and an infrastructure enabler. Current investment patterns reveal a fundamental re-orientation. Terrestrial infrastructure increasingly gears itself toward servicing AI workloads, while traditional… Read More: Beyond the Pipes: Navigating the Intelligence-First Era of Digital Infrastructure »

The Second Great Telecom Reckoning: Endurance in the Age of AI Dominance

By | January 30, 2026
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It’s been a year and a half since I published my July 2024 paper (Mobile Infrastructure Capex: Permanent Weakening or Short-Term Decline) explaining why the telecom capex downturn would run deeper and longer than previous cycles. This piece aims to capture a current market snapshot by examining the most notable bankruptcies and market exits since… Read More: The Second Great Telecom Reckoning: Endurance in the Age of… »