Research notes
Sheephill's research on AI infrastructure, power markets, project finance and equity coverage. Every note is included with Bellwether.
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Texas Pauses Data Center Interconnection Approvals: What the Abbott Audit Means for Capital
Analysis of Governor Abbott's ERCOT large-load queue audit and the five-gate framework for maximizing interconnection success in Texas.
Neocloud Credit: GPU Rental Economics
Why compute is becoming an asset class, how GPU rental economics actually work across four pricing tiers, and why the capital structure favors lenders over equity.
Return on Capital Employed: One of the Most Overlooked Metrics in Finance
Why ROCE remains the most honest measure of management quality in capital-intensive businesses, and how to apply it to today's hyperscalers.
Bloom Energy (BE): Valuation & Trade Structure
Detailed valuation analysis and recommended trade structure for Bloom Energy, including entry points, position sizing, and risk management.
Bloom Energy (BE): Initiating Coverage
Deep-dive analysis on Bloom Energy's fuel cell technology, hyperscaler data center opportunity, and valuation framework for the stock.
Hyperscale Power Project Finance: The Integrated Major Advantage
Why integrated oil majors with existing CCGT portfolios hold structural advantages in hyperscale power project financing over independent developers.
The Problem with Renewable-Only Power Procurement for AI Infrastructure
Why hyperscalers planning renewable-only power strategies face reliability challenges, and why behind-the-meter gas with CCS may be the operationally superior alternative.
AI Infrastructure: Power, Bottlenecks & Investment Implications
Analysis of the structural power demand surge from AI data centers and the investment opportunities emerging across the energy infrastructure value chain.