The price of intelligence, observed.
One question per issue, answered. The economics of artificial intelligence — power, tokens, credit, and cognition — priced the way Grant’s prices money.
The Issues
Is a bitcoin mine worth more dead than alive?
Roughly four times more — $3.34/W as a mine, ~$15/W as a leased AI data center.
Does anyone actually make money selling tokens?
Yes — the factory floor clears 58% on Blackwell, 78% on Rubin, 90% on Feynman.
Can the grid deliver the watts the chips have already ordered?
No — every fix on the table still leaves America ~11 GW short through 2028.
From the archive
Is AI capex the new railroad bond — and who is the 1873 creditor?
Yes on structure — and the financing is migrating to the distant creditor fast.
From the archive
Who eats the loss on the $2T compute buildout?
The shareholder — through depreciation — long before any creditor misses a coupon.
Read the next one first.
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Commentary, not investment advice.