Visually Explained
The whole thesis, told in pictures. Each one takes a single idea from the research and makes it instant — the circuit, the two clocks, the recycling, the divergence. The numbers are real; the drawings are ours.
A dollar of AI spending leaves a balance sheet, becomes physical compute, is sold to industries that must turn it into profit, and is priced by a market that may be ahead of the truth. The loop closes only if the return justifies the capital before the financing has to be repriced. Everything else on the site is one station on this loop. See it live →
Every bubble is one question: is the spending justified by the output? We read it on two clocks at once. The bull case is the payoff clock landing first — a lag, then a boom. The fragility case is the runway clock running out first — capex repriced before the productivity ever shows up. Our entire edge is timing the race between them.
For roughly every $1 of outside equity that actually reaches the model labs, on the order of $26 of compute commitments flow back to the chip-and-cloud vendors — who in several cases helped finance the labs to begin with. Much of what looks like demand is recycled supply-side capital going around the same ring. Source: capex model, funded-cash basis.
For three quarters the market signal and the ground-truth from the filings tracked together. In 2026 Q2 they inverted: the market spiked to +2.83 while the fundamentals fell to −1.23 — a gap of +4.06, the widest in the series. The market is pricing a payoff the filings don't yet show. Source: capex model, four-quarter z-score series.
The build-out's stress is scored on six independent indicators, each 0–100. Today the strain is concentrated in capex outrunning demand (65) and demand durability (57); depreciation integrity (37) and energy (40) sit calmer. Convergence — several lighting up at once — is the real warning, and it's what the Fragility Index rolls into one number. Source: the index, current reading.
The AI build-out isn't just chips and clouds. It's a system that radiates outward: a core of 43 names, a supply chain of 39 that feeds it, and a demand ring of 21 industries that must pay it back. We map each ring the same way — from the filings. Explore the rings →
Follow one dollar and you can see the whole argument: it's committed at the top, recycled through the supply chain, broadly adopted but only narrowly returned, and re-priced as profit before it has come home. Stretching, not breaking — but the financing clock keeps ticking. Read the full journey →
The cost side is one enormous, concrete number — committed, contractual, compounding. The return side is real and broader than the skeptics claim: 19 of 31 industries show demonstrated ROI. But it stays partial — much of it vendor revenue, none of it yet at the scale of the spend, and the market has priced past even this. See the live reading →