David Keddy
The Quiet 24 Month Reality of Data Centers
The AI Campus Board Test
How I Underwrite Power Delivery Risk in AI Infrastructure
February 18, 2026
AI demand is accelerating.
Capital is available.
Land is trading.
But in every AI data center investment I evaluate, one variable dominates the return profile more than most people admit:
Power delivery timing.
Not demand.
Not lease rates.
Not exit multiple.
Timing.
Below is the structured framework
The Robots Are Already Here. We Just Haven’t Noticed the Power Cord.
The AI Data Center Gold Rush Is Creating the Next Financial Mispricing
