Research

Conviction-led memoranda on structural shifts shaping capital and infrastructure.

Research Memo February 2026

The AI-Augmented Services Economy

A strategic memorandum for capital allocators on AI, leverage, and the repricing of services.

AI is compressing the cost of cognition. As output per worker rises without proportionate headcount growth, scarcity migrates to physical execution, regulation, and accountability. This memorandum examines where durable margin concentration will emerge — and how capital should be reallocated accordingly.

Rohith Devanathan
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Research Memo February 2026

India as a Global Inference Hub

A strategic memorandum on AI infrastructure, power constraints, and India's inference export opportunity.

In mature markets, grid interconnection now takes longer than building the data centre. As AI shifts from training to inference, countries that can deliver reliable power and fast time-to-power are best positioned to capture recurring AI workloads. This memorandum examines India's structural case — with Tamil Nadu as a pilot inference corridor.

Rohith Devanathan
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