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Ep. 021 - The AI Project Trinity: Capital, Offtake, Data Center (Datacenter, Energy) | Dan Nishball, Jordan Nanos, Zane Fong, Kang Wen Cheang artwork

Ep. 021 - The AI Project Trinity: Capital, Offtake, Data Center (Datacenter, Energy) | Dan Nishball, Jordan Nanos, Zane Fong, Kang Wen Cheang

SemiAnalysis Weekly

July 23, 2026

AI and datacenter CapEx hits $11 trillion cumulatively from 2024 to 2029, and $7.1 trillion of that needs funding, roughly 75% debt financed. Dan Nishball (@dnishball), Zane Fong (linkedin.com/in/zanefongzq), and Kang Wen Cheang (linkedin.

Speakers Jordan Nanos

TopicsBusiness

Jordan Nanos (0:07)

I'm back in the studio, Akash, man. Prison gates won't open up for me.

Hello, everyone. Welcome back to SemiAnalysis Weekly. We're here with episode number 21 I've got the crew from Singapore to talk about everything. So in this episode, we're going to talk about video backstops. We'll start by discussing the problem statement, explain what a backstop is, how it's structured, how people are pricing GPU loans, as well as other things to backstop these data center build-outs, go through a couple of examples in the Asia Pacific region, some of the tools that lenders are going to need in the future, and finally, the impact on Nvidia's financials. So no better team to dig into this than our team that works on AI Cloud TCO every day, including Mr. Dan Nishball. Dan, can you start us off with the problem statement? What does that Trinity Capital Off Take data centers actually mean, and why are these backstops so important right now?

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