The Data Centre Is a Factory
Hosking Partners' Q3 2026 letter, via MastersInvest: a London value manager beat global markets by 6.3% YTD owning almost none of the AI winners — and its diagnosis of the AI buildout is the sharpest we've read. Cap ex doubled to T (a railway-boom share of GDP); 00B+ of IG debt issued in 2026 alone, .1T more by 2030; credit investors now run the industry through SPVs and off-balance-sheet leases while token prices fall. The core claim: the data centre is a factory, compute is a commodity — load-the-plant economics will push token pricing toward marginal cost, the way solar was commoditized…
The skinny
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