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Cake day: 2026年5月1日

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  • It’s way more complicated to build a GW-scale power plant than a GW-scale data center, mostly because the power plant is subject to environmental studies, fuel supply, etc, so a DC looking for investors that can just say they’re going to build a big warehouse, fill it with computers, and get electricity, magically, from the local utility, gets to outsource the hardest problem, and stands a better chance of getting their funding (regardless of whether they actually build anything).

    I forget where I keep seeing that some huge fraction of proposed DCs will/are never built, suggesting that many of them are just investor scams. Showing their work on power supply would (presumably) make the scam harder to run.








  • Right: SSA buys a treasury bill, and congress gets to treat that as income for the general budget. For a long time, SSA was the largest holder of US debt. Their surplus has been falling, while the Federal Reserve has bought up tons of Treasuries every time there’s an economic crisis and have now eclipsed SSA. Fed holds about $4.5T, while Japan holds barely $1.2T

    Whether you think of these inter-governmental loans as “investments,” is probably a matter of where you fall on pedantry. If I take a loan from my 401k for down payment on a house, I don’t think of that as “investing” my 401k in the house.