$AAOI

AI infra earnings signal from ~20 earnings calls last week. My biggest takeaway is when construction risk on a data center can rate investment-grade on day one (!!), the asset class has taken on a life of its own.. 1. Power is now the binding constraint. Compute is a power-siting problem now - Vistra turned Meta’s nuclear demand into contracted revenue. - Hut 8 signed a 352 MW IT lease with an AA-or-higher counterparty. - Exelon warned on PJM reliability. NRG sized ERCOT large-load pipeline at 36 GW. 2. AI infra is becoming investment-grade. - CoreWeave closed an A-minus-equivalent HPC infra loan. - Hut 8 issued the first single-sponsor IG construction bond for a data center. When construction risk on a data center can rate investment-grade on day one (!!), the asset class has take