Nvidia is tracking “every single gigawatt of land, power and shell around the world, literally everything on the planet,” CEO Jensen Huang said at Goldman Sachs’ annual tech conference earlier this month. “We know where everything is.”

Why track power so intently?

Nvidia sees power availability as a key barrier to getting its AI server chips online as soon as they ship, as we’ve chronicled in this column over and over. While securing power is the first step to any AI data center project, even before getting the land or chips, developers that work with Google, Microsoft, Oracle and others fear a glut of unused chips due to an eventual power shortage.

Secretive Wall Street trading firm Jane Street has become famous in the past couple of years for its sizable AI-related spending, as it has struck big cloud deals to handle its AI computing needs and made investments in neocloud CoreWeave. Yet even a Jane Street–related deal for data center debt hasn’t won over investors.

Debt sold by a venture building a data center to be leased by Jane Street has quickly soured in secondary trading, according to Financial Industry Regulatory Authority data. Yields on the bonds have risen to around 11.3%, more than 2 percentage points above where the debt first sold in August. That deterioration has been sharper than for other recently issued AI data center bonds, with investors demanding far higher compensation to hold them versus government debt.

President Donald Trump on Saturday said he was creating a new “AI Force,” that would be similar to his Space Force—the arm of the Defense Department focused on space combat started by Trump during his first administration—and he planned to appoint a new AI czar to lead it.

On his Truth Social ...