Akansha Trivedi @Akatri: "𝗧𝗛𝗘 𝗠𝗔𝗥𝗞𝗘𝗧 𝗜𝗦 𝗣𝗔𝗡𝗜𝗖𝗞𝗜𝗡𝗚 𝗢𝗩𝗘𝗥..."

Germany

𝗧𝗛𝗘 𝗠𝗔𝗥𝗞𝗘𝗧 𝗜𝗦 𝗣𝗔𝗡𝗜𝗖𝗞𝗜𝗡𝗚 𝗢𝗩𝗘𝗥 𝗡𝗘𝗪 𝗬𝗢𝗥𝗞. 𝗜 𝗧𝗛𝗜𝗡𝗞 𝗜𝗧 𝗜𝗦 𝗥𝗘𝗔𝗗𝗜𝗡𝗚 𝗧𝗛𝗘 𝗪𝗥𝗢𝗡𝗚 𝗦𝗜𝗚𝗡𝗔𝗟. There is a strange pattern in markets. When prices are rising, every problem looks temporary. When prices are falling, every headline suddenly becomes the beginning of the end. New York has now imposed a one year pause on new hyperscale data centres requiring 50 MW or more while the state develops rules around grid costs, environmental impact and local communities. The immediate market interpretation will naturally be bearish for the data centre and neocloud story. I think that conclusion is too simplistic. This is a New York policy decision, not evidence that demand for compute has disappeared. Could other states tighten rules? Absolutely. In fact, several have considered restrictions. But many proposed statewide moratoriums have already failed, and the economic incentives differ enormously from state to state. New York is currently the first US state to impose such a statewide pause. The more likely outcome, in my view, is not that America stops building AI infrastructure. It is that capital becomes more selective about where it builds, how power is sourced, and who pays for the grid expansion. And this is where emotions become dangerous. Fear is often early. So is euphoria. When a sector falls sharply, the brain wants to turn price action into a fundamental conclusion. Suddenly every regulatory headline confirms the bear case. Six months earlier, the same investor would have dismissed it as noise. The real question is not whether New York wants fewer 50 MW plus projects for the next year. The real question is whether the world suddenly needs less compute. I do not see evidence of that. If anything, constraints around electricity, permitting and grid access may make existing capacity, secured power and already operational infrastructure more strategically valuable. It may also push future development toward jurisdictions with available power and more supportive economics. That does not mean every data centre company or every neocloud will win. Financing, utilisation, customer concentration and execution still matter enormously. But confusing a supply constraint with a collapse in demand is exactly the kind of mistake markets make when fear takes over. We remain diversified and are not fully invested in AI or its supply chain, so volatility will be there, but controlled. I am watching the fundamentals, not allowing one headline or one red week to rewrite the entire thesis. Markets will always give us something to fear. The harder job is deciding whether the facts changed, or only the price did. Best, Akansha ( @Akatri ) $OIL $GOLD $MU (Micron Technology, Inc.) $SPX500

Not investment advice. The author may have financial interests in the mentioned instruments.