Digital Power Weekly - Volume 8: June 22 - 28, 2026

The dominant signal this week was a market beginning to audit the AI buildout rather than simply applaud it. Three forces converged: a credible bottom-up overall AI revenue print that, for the first time, cleared the depreciation hurdle; a sharp, retail-fueled equity and credit wobble that exposed how much leverage sits underneath the trade; and a regulatory and grid apparatus that is now treating compute load as a first-order reliability and fiscal problem. The throughline is unchanged and strengthening — controllable, contracted, power-backed capacity is the asset; announced gigawatts are not.