Neel Khokhani / Epochal

Meta Just Did the Neoclouds a Favour

The market read Tuesday's headline as new supply. It is actually new demand.

Jul 2 • Neel Khokhani / Epochal

4

A Double in a Quarter That Changes Nothing

Our epi wafer names are up one hundred percent this the past 6 weeks

Jul 1 • Neel Khokhani / Epochal

4

June 2026

The Price of the Doubt

In November, the bond market wanted 11 percent to fund a building leased to CoreWeave. This week it wanted 7 percent, and the order book was five times…

Jun 29 • Neel Khokhani / Epochal

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Kevin Warsh’s First Fed Meeting: A Quiet Signal for AI Infrastructure Owners

The Fed published a forecast it does not believe. The contracts, the megawatts, and the wafers tell a different story. We trust the things you can…

Jun 18 • Neel Khokhani / Epochal

5

May 2026

The Wafer

The chip shortage moved one layer upstream.

May 26 • Neel Khokhani / Epochal

2

April 2026

The Cost of a Shovel Just Went Up

GPU rental forecasts revised higher again. Replacement costs rising 40 percent. The fastest revenue ramp in enterprise history just validated the demand…

Apr 17 • Neel Khokhani / Epochal

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March 2026

$1 Trillion in Chips. One Physics Problem Nobody Has Solved.

Vera Rubin draws 2,300 watts per chip. The racks are fanless. The cooling demand has doubled.

Mar 21 • Neel Khokhani / Epochal

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1

The Sold-Out Sky

What 30 Vendor Conversations Reveal About the Real Bottleneck in AI Infrastructure

Mar 20 • Neel Khokhani / Epochal

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1

1

GPU Rental Prices Have Gone Vertical The real risk to AI infrastructure is not demand.

The real risk to AI infrastructure is not demand. It is supply. And the market has it completely backwards.

Mar 19 • Neel Khokhani / Epochal

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3

The Contracts Behind the Curtain: Why We Own What We Own

“Show me the incentive, and I’ll show you the outcome.” — Charlie Munger

Mar 17 • Neel Khokhani / Epochal

4

The $3.7 Trillion Demand Backstop

Why the AI Infrastructure Cycle Is Not What the Crowd Thinks It Is

Mar 15 • Neel Khokhani / Epochal

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February 2026