
The capex is the strategy
A trillion dollars of concrete and silicon isn't a means to a plan. It is the plan — a bet, made with the balance sheet rather than the slogan, about who gets to decide.

Hana writes a weekly column on where power actually sits in the technology industry — who owns the compute, who sets the terms, and who merely narrates. She has changed her mind in public more than once, and considers that the column's credibility rather than its weakness.

A trillion dollars of concrete and silicon isn't a means to a plan. It is the plan — a bet, made with the balance sheet rather than the slogan, about who gets to decide.

Strip away the mission statements and the model demos. The only durable asset left in artificial intelligence is the compute — and the contracts for it are already signed.