[DC] What Changed in AI Infra — Week 2026-W31

- **Meta & BlackRock commit $14B to Texas AI data center** — signals hyperscaler-private equity co-investment model accelerating; second-order: could crowd out mid-tier operators as land/power costs rise. - **Google posts first negative free cash flow since 2004 IPO** — AI capex hitting cash flows directly; implies tighter scrutiny on ROI for future projects, potential slowdown in non-revenue-generating builds. - **Nvidia weighs $250B guarantee for OpenAI's Ohio campus** — Nvidia shifting from GPU seller to project financier; second-order: creates moral hazard for hyperscaler debt, mirrors subprime-like risk concentration. - **AMD to supply Anthropic with 2GW MI450 GPUs, invest up to $5B** — AMD locks in major AI lab customer, challenging Nvidia's dominance; second-order: forces Nvidia to offer more flexible pricing/financing terms. - **AI data center sues for 287M gallons of Colorado River water** — water scarcity becoming legal flashpoint; second-order: future site selection will prioritize water rights, raising costs in arid regions. - **Epoch AI: Google's Colossus 1 training hits 1e26 FLOP** — milestone confirms compute scaling continues despite efficiency gains; second-order: validates need for next-gen interconnects and power delivery beyond current grid capacity.