New to Mavday? Read these in order. Each piece follows one link in the AI supply chain, from the machines that print chips to the companies borrowing billions to rent them out, using company filings and dated figures. None of it is investment advice.
Every advanced AI chip is printed on ASML's EUV machines, and ASML says it can't make enough of them for 2027 and 2028.
ASML sold a record €11.7bn in the third quarter and said planned supply for 2027 and 2028 will not fully meet customer demand. Here is what that means for AI chips, what the filings show, and how the shares moved.
TSMC makes most of the world's AI processors. Its results show how much AI demand is really arriving.
TSMC beat its own forecast, raised its outlook and said it sees "no sign of slowdown" in AI demand. Its US shares fell anyway. Here is what the results say about AI chips, and what moved the stock.
Neoclouds such as CoreWeave and IREN buy the chips and rent them to AI labs, mostly with borrowed money.
CoreWeave shares fell by a third in two weeks and its 2031 bonds traded at yields near 16%. Here is what drove the sell-off, how much CoreWeave owes and when, and what the company has said.
IREN shares lost a third of their value between 6 and 16 October without a single announcement from the company. Here is what drove the slide, what the filings show, and what to watch next.
Convertible notes, project bonds and Google backstops: how builders fund sites before the first rent arrives.
AI data-centre builders have sold more than $28bn of bonds and convertibles this year, and Cipher priced $850m more the day before the CoreWeave rout. Here is how each one funds itself, and the risks.
In Britain, the grid connection queue is now the bottleneck, as Microsoft's exit from Loughton showed.
Microsoft has confirmed it is leaving Nscale's planned AI supercomputer site in Essex, weeks before Nscale's US listing. The problem is not money or chips. It is getting power from Britain's grid.
Twice a week: the AI news worth knowing, from new models and agents to the money behind them. No hype, no spam.
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