Jeremie Eliahou Ontiveros

Tracking hyperscalers, datacenters and energy infrastructure at SemiAnalysis. opinions my own

[Jeremie Eliahou Ontiveros @JeremieEO]

Looking forward to this conversation!

Many thanks to @anissagardizy8 for the invite!

[Anissa Gardizy @anissagardizy8]

Excited to chat with this stellar crew about compute and infrastructure!

Wednesday, May 20. 11 a.m. PST.

RSVP: https://t.co/84LUm9kMOi @sk7037 @AnjneyMidha @JeremieEO

[Jeff Balkanski @balkanski]

First-try Gold, team smaller than a single hyperscaler standup - join us.

[Jeremie Eliahou Ontiveros @JeremieEO]

@institLPGP @SemiAnalysis_ We wrote a deep dive on 800VDC about 10 months ago for institutional clients. Flagged some key beneficiaries which are all up nicely since

The way Bloom benefits from 800VDC is much more nuanced!

[Rittenhouse Research @RHouseResearch]

Semi-Analysis's @JeremieEO on @tbpn last week:

"2025 was an insane year for the (data center) leasing market, and everything points to 2026, 2027 just accelerating."

Towards the end of 2025, Applied Digital $APLD, Cipher $CIFR, and Hut 8 $HUT signed the most attractive large scale (e.g. 200MW+) leases with investment grade hyperscaler counterparties to-date..

The incremental 830MW of power that Galaxy Digital $GLXY received final ERCOT approval on yesterday seems to have arrived at a fortuitous time..

[TBPN @tbpn]

Happy Friday. On today’s show:

- @bhorowitz (a16z)
- @arampell (a16z)
- @DavidGeorge83 (a16z)
- @jkhamehl (a16z)
- @JeremieEO (SemiAnalysis)

See you on the stream.

[Jeremie Eliahou Ontiveros @JeremieEO]

@CapArtichoke @dylan522p @fundaai Our first mention of GCP's TPU upside was August 7th. In early September we quantified revenue growth in 2026/27 and called out strong acceleration.
Our first AWS note quantifying growth / calling for Accel was Aug 5th. AMZN has well outperformed Meta, MSFT, ORCL since then.

[Jeremie Eliahou Ontiveros @JeremieEO]

@institLPGP @ShanuMathew93 @SemiAnalysis_ Yesterday's piece discusses near-term time-to-market solutions to power DCs when the grid can't keep up. In that context, solar is non-existent. Solar's role in energizing DCs is a separate topic.

[Jeremie Eliahou Ontiveros @JeremieEO]

@institLPGP @ShanuMathew93 @SemiAnalysis_ You are not understanding how Google and xAI's solar deployments work. They're completely different from the gas BTM deployments, and have a different purpose.

We'll cover that in a future piece. And we've explained it in detail to our Datacenter Model clients over a year ago.

[Jeremie Eliahou Ontiveros @JeremieEO]

@puffinancial @GridGodAjey @dylan522p @SemiAnalysis_ Thanks for the flag, we had a few typos. However Lazard's analaysis has a few issues. First, it's not applicable to an islanded datacenter project, it doesn't capture all the required overbuild.
Second, their capex estimates are simply way too low.

[Jordan Nanos @JordanNanos]

ClusterMAX 2.0 is here!

In this update we rate 84 neoclouds, up from 26
Our market view tracks 209 providers, up from 169 in March and 124 last October
We spoke to over 140 end users as part of the research
And we wrote over 43,000 words about our experience

This is more than Animal Farm, but less than The Great Gatsby

More thoughts in 🧵

[Jeremie Eliahou Ontiveros @JeremieEO]

@RichardMeyerDC @ShanuMathew93 Depends on the type of chiller, but agree 1,000 for 1gw is a bit too high. Chiller specs are public, it's not hard to figure this out. You generally see ~1.5mw per air-cooled chiller and much more for water-cooled units.

We explained everything here: https://t.co/Dufp9t2ful

[Aishwarya Mahesh @ash_locked]

Too often, AI and energy conversations happen in separate rooms. That gap inspired @themeghamachine and I to launch the Watt & Why Series ⚡

Excited to kick this off and big thanks to @CrusoeAI and @SemiAnalysis_ for co-hosting the first session.

A space that brings everyone from AI researchers to energy traders together for the conversations that will shape our future!

[Jeremie Eliahou Ontiveros @JeremieEO]

Amazon and Anthropic clearly aren't falling behind on GenAI :)

[SemiAnalysis @SemiAnalysis_]

Amazon’s AI Resurgence:
AWS & Anthropic’s Multi-Gigawatt Trainium Expansion
Anthropic multi-gigawatt clusters, Trainium ramp,
best TCO per memory bandwidth,
system-level roadmap,
Bedrock and internal models

https://t.co/GzZVZHip0V

[Jeremie Eliahou Ontiveros @JeremieEO]

Thanks for the invite @AndrewRangeley !! Looking forward to our next convo!!

[Yet Another Value Empire @YetAnotherValue]

Podcast #331 is up!

@JeremieEO returns to talk all things data centers / power

https://t.co/vDUsgDdjhI

[Jeremie Eliahou Ontiveros @JeremieEO]

@BobEUnlimited Great piece Bob, but you're failing to account for the multiplier effects. AI infra is driving US Utility CapEx to increase $50b YoY in 2025 vs 2024. Datacenter construction spending too. And all the employment growth associated with this, as well as their consumer spending.

[Jeremie Eliahou Ontiveros @JeremieEO]

@0xswizzcake @IamEmily2050 @SemiAnalysis_ How much AI revenue does Azure make excl. OpenAI? It's tiny.
What's the ARR of M365 Copilot and GH Copilot? It's decent, but disappointing given their head start. GH Copilot is losing share fast vs other coding agents.

[SemiAnalysis @SemiAnalysis_]

Microsoft datacenter strategy – still in⏸️mode 🧵
@JeremieEO

Four months ago we flagged Microsoft’s pause on more than 1.5 GW of self-build capacity — on top of the leasing freeze we called out in December. Microsoft’s latest 10-K backs us up: committed datacenter construction is down year over year, almost no new leases were signed in the past 12 months, and land purchases have plunged relative to FY 24.

[SemiAnalysis @SemiAnalysis_]

Robotics Levels of Autonomy
Single-Purpose Robots Automating Hundreds of Jobs
Pick And Place with low Autonomy is Expensive
General Purpose Autonomy Navigating
And Inspecting Large Sites
Targeting Low-Skill Labor In Early Pilots with Promise
Autonomy Capable Of Any Task in Research

https://t.co/K5rJoctKPi