Debt-financed AI expansion
A company-finance manuscript examining AI capital expenditure, lease commitments, credit risk and the assumptions behind shareholder valuation.
English / Original manuscript: 40 pages
Read overview Pufferfish Research Group
Intelligence. In context.
Exploring intelligence.
Artificial. Embodied. Symbiotic.
An independent home for AI research, with developing groups for embodied and symbiotic intelligence. Ideas grounded in evidence, open to scrutiny.
01 / Our research groups
Three groups.
A wider field of inquiry.
Our AI group publishes the current research. The Embodied AI and Symbiotic AI groups are developing their research scope.
01 / Research groupActive research
Pufferfish Artificial Intelligence Research Group
Research on artificial intelligence, with current public work examining its infrastructure, financing, technology adoption and wider systems.
Explore AI group02 / Research groupDeveloping
Pufferfish Embodied Artificial Intelligence Research Group
A developing research direction for studying how artificial intelligence can perceive, act and learn through physical systems. Its proposed scope includes robotics and interaction with the physical world.
Explore EAI group03 / Research groupDeveloping
Pufferfish Symbiotic Artificial Intelligence Research Group
A developing research direction for studying how people and intelligent systems can work together. Its proposed scope includes human–AI interaction, shared decision-making and the design of collaborative systems.
Explore SAI group02 / Selected AI group research
Questions that matter.
Ideas worth examining.
Research overviews from our Artificial Intelligence group. Explore their questions, arguments and assumptions.
Browse all researchThe adoption-impairment paradox
A technology manuscript exploring the tension between AI adoption, custom-chip substitution and the economic life of installed hardware.
English / Original manuscript: 23 pages
Read overview Oil, Hormuz & the price of AI capital
A political-economy manuscript tracing how oil-risk scenarios, inflation, monetary policy and competition for capital may affect AI financing.
English / Original manuscript: 33 pages
Read overview Research overviews are available here. Document access is not available on this website.
03 / AI group featured series
Oracle & the AI buildout
A connected study of AI infrastructure through financing, technology adoption and geopolitical constraints, using Oracle as a shared case.
Explore the series04 / AI group commercial research
Research.
In greater depth.
Commercial reports from the AI group offer a separate, focused research product. Explore each report’s scope, access terms and release status before choosing it.
01
Follow the evidence.
Examine original sources, the reasoning behind an argument and the limits of what the evidence supports.
02
Connect disciplines.
Study how technology, infrastructure and institutions shape one another.
03
Make room for uncertainty.
Distinguish observations, interpretations and conditional scenarios. A research thesis should invite scrutiny.