The Compute We Cannot Power
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On September 9, Oracle reported a cloud backlog of $664 billion — up $209 billion from a year earlier, an order book the size of a mid-cap national economy on hand for delivery over the next several years. That same week, PJM Interconnection, the grid operator serving 65 million Americans across thirteen states, was still processing a December 2025 capacity auction it had cleared 6,625 megawatts short of its reliability target — the first shortfall in the operator's history — at a record clearin
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