The week focused on three questions within the AI infrastructure debate: (1) who will earn an adequate return on the capital, (2) who will keep the grid stable as gigawatt loads arrive, and (3) who will pay for the generation and wires required to serve them. Alphabet’s quarterly numbers started the week and were instructive. Capital spending guidance for 2026 was raised to $195-$205 billion, with $811 billion of contracted future spending commitments while it printed a negative $5.9 billion of free cash flow - the first negative quarterly print since the company went public.
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07.27.26
Digital Power Weekly
Digital Power Weekly - Volume 12: July 20 - July 26, 2026
Capital markets are separating Meta-backed high-grade project debt from CoreWeave-linked high yield; regulators are moving from load forecasting to operating standards; and communities are moving from broad support for investment to enforceable terms on cost allocation, water, emissions and reliability.
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