Capital Intelligence.

Why the largest balance sheets in history cannot fund the compute the world is building — and where the capital must come from instead. Even the strongest balance sheets are thinner than they look.

The fuel that was meant to power everything has quietly retreated to the few places it was always best suited. The reason is not ideology. It is arithmetic — and AI has just made the arithmetic worse.

The obvious fear is mass displacement. But what if employment holds steady and AI simply makes every worker vastly more productive? Our committee models the macroeconomic consequences of a full-employment, high-productivity future.

Just 0.1% of the world uses AI meaningfully today — and the grid is already straining. The AI race isn't a software war. It's a physics problem of power, water and wafers.

For nearly three decades, globalisation delivered what textbooks said was impossible. Understanding why that era is ending — and who is paying the price — is the most important economic question of our time.

The history of bank capital regulation carries a clear and consistent message about credit risk. Here is how those lessons shaped the principles on which Monard Infrastructure was built.

History proves that fuel shocks change behaviour. This time, a collapsing EV cost curve means the shift will be permanent — an investment perspective by Daniel Blizzard, Founder & Managing Partner.

A structural shift is underway in how large industrial energy consumers source their power. The movement toward on-site, behind-the-meter generation is accelerating — driven not by sustainability commitments, but by grid constraints that have become commercially unworkable.