The AI Bubble Index

Why Capital Velocity has outrun Grid Physics.

This report models the 5-layer AI infrastructure stack—from silicon to the power grid—to measure structural coordination capacity.

The Core Finding: Capital is being deployed 132 times faster than the grid can verify it. The bottleneck is no longer GPUs; it is power distribution.

Inside Vol 1:

• The Hard Physics Wall: Why FERC interconnection completion rates have collapsed to 3%.

• The Metabolic Mirage: A visual map of the circular vendor-financing loops sustaining current valuations.

• The H1 2026 Trigger: The specific collision between the refinancing calendar (CoreWeave/Oracle) and physical power delays