Register
Cross-company structural analysis of AI platform economics, market structure shifts, and the capital structure of the compute buildout. Who borrows, what each is made to promise, what the indentures reveal about the houses and the players, and a four-rung grading of every dollar in the buildout by what must still happen for it to become cash.
Cape Fear Advisors has published more than twenty cross-company pieces analyzing the structural economics of the AI buildout. The work reads across NVIDIA, CoreWeave, SpaceX, OpenAI, Oracle, Microsoft, Alphabet, Apple, SB Energy, and their counterparties, applying the quality-of-cash framework, the circular financing mechanics, the required share identity, the participant ledger, and the supplier addition to the capital structure of the compute build. Pieces in this register draw on multiple company filings simultaneously and address the market structure rather than a single issuer.
SB Energy, Quality of Cash: The Fourteenth Position
Quality of Cash: The Supplier Addition
SpaceX, Adding It Up: The $430 Billion Cash Gap
NVIDIA, The Scarce Thing Is a Credit Standing
NVIDIA, AI’s Monetary Policymaker
NVIDIA, What Comes Back
CoreWeave, the Key, the Lock and the Clock
NVIDIA, the Key and the Claim
Circular Financing, in Chips, Land, Power and Demand
CoreWeave: Searching for the Next Participant
CoreWeave, the DDTL 5.5 Participant Ledger
CoreWeave, Adding It Up: One Filing, Two Announcements
NVIDIA, the Forge House
OpenAI: The Quality of Cash Ledger
Quality of Cash: Circular Financing and the AI Bubble
Big Tech, Adding It Up: The Trillion That Was Never Hidden
The Quality of Cash: What Has to Happen Next
The Croupier Counts First
Three Houses, Three Placements
The Price of the Seat
Microsoft Just Said a Lot About SpaceX
A Bigger Moat
Will OpenAI and SpaceX Find Seats?
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