Moiseus Infrastructure Brief — No. 09
Every week we cut the noise to a handful of stories that matter — and add what they mean from where we sit. This is our read, not a news wire.
Nvidia posts an $89B data-center quarter as AWS lines up two million more GPUs
Nvidia’s data-center revenue rose 117% year over year to $89 billion, and Amazon Web Services said it plans to deploy an additional two million GPUs across 2027 and 2028.
Chips can be ordered in a quarter; the buildings, substations and interconnections to run them cannot. Every acceleration on the silicon side widens the gap that land and power have to close.
PJM wholesale power costs jump 46% — and the market monitor puts 9% of it on data centers
Total wholesale cost across PJM reached $56.7 billion in the first seven months of the year, up from $38 billion, with Monitoring Analytics attributing $29.4 billion of added capacity revenue across the last four auctions to data-center load growth.
The cost of the compute build-out has now been itemized and handed to ratepayers. Once a number that large is public and attributable, the response is political before it is technical — and that shapes where the next campus is allowed to go.
New Jersey unwinds the AI incentive it created two years ago
The legislature that near-unanimously passed a $500 million program to attract AI and data-center investment in 2024 voted in June, just as lopsidedly, to roll back the tax credit at its centre.
Incentives are the least durable part of any site’s economics — they can be voted away in a single session. Underwriting that only works with the tax credit was never underwriting.
PJM drops a 750 MW multifuel nuclear project from its study cycle
Oklo has asked FERC to order the project reinstated, arguing PJM’s interconnection rules were never written for a plant combining advanced nuclear, fuel cells and gas-fired generation.
Even generation that arrives with a customer attached can fall out of the queue on process grounds. The scarce thing is not a good project — it is a position in a queue that already fits the rules as written.
PG&E prepares to connect its first flexible-load data center
After two years of flexible interconnection, the utility is bringing a roughly 5 MW Bay Area data center online this fall; sites already on the program have run above their guaranteed floor 90% of the time.
Flexible interconnection buys speed by selling certainty: a firm floor and a moving ceiling. That is a real answer for loads that can bend — and no answer at all for the ones that cannot, which is most AI training.
Demand is accelerating, the bill is now itemized, and the door is narrowing on both sides: access to power is being rationed by politics and process, not just by physics. That is exactly where Moiseus Capital looks.
This material is for general informational purposes only. It is market commentary and reflects our own views. It is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment advice. Moiseus Capital Corp is not currently offering securities. Third-party headlines are summarized and attributed to their sources; all trademarks belong to their respective owners.