AI is becoming an infrastructure problem.

Software has physical dependencies

Large-scale AI requires electricity, chips, cooling, fibre, land, construction capacity, permits, financing and ultimately customers willing to pay for compute. Each of those components belongs to a different ecosystem with different incentives and timelines.

That makes AI infrastructure less like a pure technology product and more like a complex project-finance and industrial-development problem.

The scarce resource may change by geography

In one market the limiting factor may be grid capacity. In another it may be permitting, financing, data-sovereignty requirements or access to high-performance compute. The correct origination strategy begins by identifying which constraint is genuinely scarce rather than assuming the same problem everywhere.

Alignment creates bankability

A powered site without a customer can remain speculative. A customer without capacity remains constrained. Capital without a credible development path remains unallocated. The value is created when enough of those elements are brought into a structure that gives each counterparty confidence to move.