Exaflops and Empty Pockets: The AI Grid Without a Load
OpenAI’s $500 billion Stargate isn’t just a compute cluster. It’s a leveraged infrastructure play, and the cash flows haven’t arrived
We’re witnessing the most capital-intensive tech buildout since the electrical grid: hyperscale GPU clusters, sovereign-aligned data centers, multibillion-dollar power commitments. At the center is Stargate, a $500 billion facility backed by OpenAI, Oracle, and SoftBank. But the fundamental question is not technical. It’s financial. Who pays for all thi…