Monday July 27, 2026

Announced data center capacity is not capacity. It is a press release with a number attached to it, and the market keeps paying for the number.

When a 25MW data center announces plans to double to 50MW, the honest way to read that headline is that somebody is proposing to build a second building and fill it with empty racks. You can build that building on spec, pour the slab and energize the substation before anyone signs. But empty racks do not compound. The existing 25MW is worth what it is worth because its racks are spoken for and generating revenue. The new capacity is worth something only once a customer signs to occupy it. Absent a contract, what has been announced is an intention to spend a great deal of capital on a building that may sit dark.

At scale the problem is sharper. Large builds require financing, and financing requires a signed tenant. No lender underwrites a gigawatt on the hope that demand shows up. The anchor tenant is not just the customer, it is what makes the project bankable, which means the operator needs the client before the capital, and the capital before the building. Everybody waits on everybody, and the projects that break the deadlock are the ones where a single anchor underwrites the whole thing in advance.

When I see a new project, I ask a few questions. Is there a signed offtake, or just a plan? Is the power interconnect a real queue position, or an application? Contracted megawatts and announced megawatts are different asset classes wearing the same clothes, and the gap between them is where the losses will show up when financing gets more expensive. The operators worth owning look boring by comparison, announcing less and delivering into signed demand, compounding slowly and predictably. Demand for compute is not the question. Whether that capacity is contracted is.

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◾ $NVDA working on $750B in new AI infrastructure deals (Bloomberg)

◾ Sam Altman warns singularity reached (Business Insider)

◾ Trump vows to reverse EU fines against $AAPL (MacRumors)

◾ CFTC tells prediction markets to stop using broad certifications for event contracts (CFTC)

◾ EU clears Saudi Aramco, PIF acquisition of HUMAIN (European Commission)

◾ EU clears PIF acquisition of $EA (European Commission)

◾ Thailand SEC charges Bitkub, ex-directors with falsifying reports to hide 2021 hack (Thailand SEC)

◾ North Korea arrests hackers who breached state banks, laundered funds via crypto (Daily NK)

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• Ubisoft $UBSFY Q1'27: Revenue €268.2M -13.7% y/y (Ubisoft)

◾ Memory chipmaker CXMT becomes China’s most valuable China-listed company after 466% IPO surge (CNBC)

◾ Wise Group $WSE to refile as US bank (Wise)

◾ Decentralized storage network Storj announces Chapter 11 bankruptcy (Storj)

◾ Crypto exchange BitMart winding down operations (BitMart)

◾ Crypto exchange HTX included in EU’s latest Russia sanctions (Reuters)

◾ World Foundation raises $52.5M in 1-year locked token sale (Business Wire)

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◾ Sberbank targets December for crypto trading launch (Interfax)

◾ South Korea’s KB Kookmin Bank launches $JPM Kinexys blockchain payments for USD transfers to 10 countries (Yonhap)

◾ Anthropic releases Opus 5 model (Anthropic)

◾ Nvidia $NVDA in talks to guarantee $250B data center financing for OpenAI (WSJ)

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◾ DeepSeek suspends fundraising after investors leak CEO comments (Bloomberg)

◾ Chinese ad partner delivers AI nudify apps to Facebook, Instagram (Bloomberg)

◾ Nvidia $NVDA investing $1B in Naver’s South Korean AI data centers (The Information)

◾ Nvidia $NVDA secures memory from $SKHY as part of $500B deal (CNBC)

◾ Nvidia $NVDA launches new security initiative for open-source AI (Semafor)

◾ Moonshot ready to release Kimi K3 AI model (Business Times)

◾ Robinhood $HOOD talking to Crypto.com about expanding prediction markets position (WSJ)

◾ Nevada regulators force Kalshi to geofence, stop prohibited wagers in state or pay $120K daily penalty (CDC Gaming)

◾ Kalshi accuses $NFLX of releasing misleading trailer for new documentary (CNN)

◾ SpaceX $SPCX completes successful Starship flight 13 with soft splashdown in Indian Ocean (SpaceX)

◾ NASA to test Blue Origin’s New Glenn upper stage (Blue Origin)

◾ Europe’s The Exploration Company seeking $300M at $2B valuation (FT)

◾ Lockheed Martin $LMT provided bank guarantee for ULA (SpaceNews)

◾ Chinese rocket survives lightning hit at takeoff (Space.com)