compute market power
Microsoft's $100B Azure Engine Comes With 46% Capex
Azure passed $100B in annual revenue as Microsoft reported $41B in quarterly capex, making utilization the cloud buyer's decisive metric.
The Weighted Average
Microsoft quarterly capex as a share of revenue 45.6% — Microsoft's $100B Azure Engine Comes With 46% Capex Arm AGI CPU customer demand through FYE28 $2B+ — Arm's $2B CPU Pipeline Redraws the Supplier Map Program seats versus weekly science users 7.7% — OpenAI's Free Research Tier Is a 100,000-Seat Bet Words the new funding equals at API list price 18B — Pangram 4 Makes AI Detection Ten Times Pricier Series C as a share of Eliyan's valuation 14.5% — Eliyan's $145M Round Bets the Bottleneck Is Between Chips
The Wire
compute market power
Nvidia's $50B Data-Center Loop Has One Weak Link
Nvidia reportedly leased 704MW from Hut 8 for up to $50.2B, but the firm 15-year base term—not the option headline—is the signal.
compute market power
AMD's $14B Power Deal Is a Distribution Strategy
AMD secured 530MW of AI capacity worth $14B over 15 years, turning energized data-center space into a channel for its chips.
Quoted
“The scarce resource is no longer access to a model; it is productive time on an expensive machine.”
About the Paper
“I’m Stephen, a software engineer with over two decades of industry experience. The Weighted Average is a daily reading of the AI economy — the models, the money, and what they do to us.”