Kirihene & Pullen publishes independent, falsifiable research on how the world's largest infrastructure programme is being financed — from data-centre credit and hyperscaler capex to the grids, transformers and commodities underneath it.
Every note takes a position that can be proven wrong. This list updates automatically when we publish — click any note to read it here.
Can Texas actually deliver the power the AI build-out assumes? A supply-side examination of ERCOT's generation pipeline against the load being promised to data-centre developers.
Read the note →Announced data-centre load far exceeds what is financed and committed. We separate signed, funded demand from press-release demand — and what that gap means for planners and investors.
Read the note →Mapping ERCOT's transmission constraints to their origin at the company level. Our working view: the wires companies, not generation, are becoming the binding constraint — and capital is not yet flowing to where the bottleneck sits.
Follow the series →The AI capex cycle touches nearly every corner of the capital markets. Select a theme to see how we approach it.
We write to be held accountable — public views, stated assumptions, primary sources.
Tehan oversees fundamental valuation and fixed income research, leveraging a strong background in corporate finance and M&A strategy to analyze complex market structures. His current thematic focus examines the energy transition and the AI power supply chain—specifically generation, deliverability, and grid transmission—delivering institutional-grade structural insights. Tehan studied Economics and Finance at the University of Warwick and the University of Exeter, and is a CFA candidate.
Josh directs AI and technology coverage, bringing rigorous expertise in fundamental equity research and multi-asset portfolio strategy. His current thematic work leads the demand-side analysis of the AI trade—separating committed data-center load from announced intentions, connecting hyperscaler capex plans to broader market structures, and co-authoring the ERCOT series. Having previously founded and managed an independent AI-focused investment fund, Josh studied Business, Management, and Finance at the University of Exeter, and is a CFA candidate.
ERCOT constraint reports, market-monitor filings, Lazard cost data, company order books — we build from the documents, not the headlines.
Each note states a position and the evidence that would change our mind. If we're wrong, it will be visible — that's the point.
The question behind every note: where does money need to flow, through which instruments, and who bears the risk when it doesn't?
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