Episode Details

Amazon, Google, Meta and Microsoft are pointing to as much as $630 billion in 2026 capex, while OpenAI’s Stargate and FERC’s large-load rulemaking show the AI infrastructure race moving from GPU orders into grid jurisdiction and site capacity.

In this episode

1. Hyperscalers Plan $630 Billion in 2026 CapEx — Datacenter Richness

   # Hyperscalers Plan $630 Billion in 2026 CapEx ### Investment in GPUs, Data Centers for AI Poised to Surge 62% From 2025 Record [Rich Miller](https://substack.com/@richmiller) Feb 06, 2026 ∙ Paid An Amazon Web Services data center. Amazon said Thursday that it expects capital expenditures of $200 billion this year for AI infrastructure. (Photo: Amazon) Despite historic investments in GPUs…

2. Step Back — FERC is being pushed to write rules for large-load interconnections, but load has usually been a utility and state-commission problem—what’s the actual jurisdictional hook here, and where could a federal rule meaningfully speed up or reshuffle AI data center projects versus just adding another process layer?

   Background sources

   • Source — Energy
   • Administration Tees up Major Expansion of FERC Jurisdiction Over Large-Load Interconnections | Davis Wright Tremaine — Davis Wright Tremaine
   • FERC Large-Load Interconnection Preliminary Rulemaking: Key Takeaways for Data Center Developers, Other Large Load Projects, and Investors | Perspectivas | Mayer Brown — Mayer Brown
   • FERC Grapples With Surging Reliability and Interconnection Demands From Data Centers — Orrick
   • ‘The absolute edge of precedent’: FERC prepares to take on data centers - E&E News by POLITICO — Francisco
   • Energy Sector Debates New US Rules to Power Up More 'Large Load' Data Centers | Engineering News-Record — Mary B. Powers , Debra K. Rubin
   • FERC Sets June Action on DOE’s Large Load Interconnection Plan Putting Federal-State Boundaries at the Center of What Comes Next - Law Offices of Snell & Wilmer — Swlaw
   • DOE large load interconnection proposal sparks federal-state jurisdiction concerns | Utility Dive — Ethan Howland
3. Hyperscale Spending Spree is Driving Dramatic Growth in Data Ce