The Leverage

The Leverage

Data Centers are Gobbling up All the Capital

The Weekend Leverage, November 23rd

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Evan Armstrong
Nov 23, 2025
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Nvidia smashed earnings and kept the music playing this week. VCs and AI investors breathed a collective sigh of relief—the company gave everyone permission to let the bubble inflate a little longer. Meanwhile, I’m drowning in news of oversized funding rounds. Anthropic raising $15 billion to fund training runs? Sure. Google holding meetings about how to

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