Sources

The sources for each chapter, in the order of the book. Notes in the text explain conflicts and asides; this list is the bibliography.

Chapter I: The Glass House#

Associated Press. "Company News; I.B.M.-Kodak Pact." New York Times, July 26, 1989.
Banks, Michael. On the Way to the Web. 2012.
"Borman Quitting NASA To Join H.R. Perot Firm." Wall Street Journal, January 30, 1970.
Broy, Anthony. "Computers Aid in Decisions." New York Times, November 14, 1971.
Business Week. "Special Report." May 24, 1969, 68.
Carroll, Paul B. "Big Blues: Hurt by a Pricing War, IBM Plans Write-Off And Cut of 10,000 Jobs." Wall Street Journal, December 6, 1989.
Carroll, Paul B. "IBM Cancels New-Product Announcement --- Embarrassing Move Comes As Rivals Make Inroads In Disk-Drive Business." Wall Street Journal, July 26, 1989.
Carroll, Paul B., and Hank Gilman. "Big Blues: Mainframe Slowdown And Stiff Competition Put Pressure on IBM." Wall Street Journal, November 23, 1987.
Carroll, Paul B., and John R. Wilke. "Calculated Move: Computer Firms Find Service Is What Sells, Not Fancier Hardware." Wall Street Journal, August 15, 1989.
Cole, Robert J. "Arbitrager Had Loss of $100 Million." New York Times, November 3, 1987.
"Com-Share Reports Financial Condition 'Improved Materially'." Wall Street Journal, July 10, 1970.
Computerworld, June 21, 1972.
"Computer Time Sharing Grows Up: Sales Estimated at $140-Million This Year." New York Times, February 18, 1969.
"Data Transmission Accuses AT&T at FCC." Wall Street Journal, November 13, 1970.
"Digital Equipment Beats IBM for Kodak Contract." Wall Street Journal, October 26, 1989.
Electronic Data Systems Corp. Form 10-K for fiscal 2002. Filed March 12, 2003. https://www.sec.gov/Archives/edgar/data/1007456/000093066103001011/d10k.htm.
"Electronic Data Systems Initial Offer Oversubscribed." Wall Street Journal, September 13, 1968.
Equinix, Inc. "Form 424(b)(4) Prospectus." Filed August 11, 2000.
"F.I. duPont Gets Capital Injection Of $15 Million." Wall Street Journal, November 27, 1970.
"GE Will Offer Time-Sharing System for Its 420 Computer." Wall Street Journal, June 22, 1967.
"GE's Computer Unit Had $3.1 Million Loss In First Half of '70." Wall Street Journal, August 24, 1970.
"General Motors Says It Purchased EDS." Wall Street Journal, October 19, 1984.
"GM Purchase of EDS To Dilute Share Net By 99 Cents for 5 Years." Wall Street Journal, September 24, 1984.
"Gulf Insurance Bid by University Computing Is Set." Wall Street Journal, August 26, 1968.
"Heard on the Street." Wall Street Journal, August 7, 1968.
Holusha, John. "G.M. Entering Computer Field on Major Scale." New York Times, June 29, 1984.
IBM. "System/360." IBM History, n.d. https://www.ibm.com/history/system-360.
IBM. "Thomas J. Watson Sr." IBM History, n.d. https://www.ibm.com/history/thomas-watson-sr.
"IBM Transfers Its Time-Sharing Services To a Subsidiary to Avoid Antitrust." Wall Street Journal, October 23, 1968.
King, Elliot. Free for All: The Internet's Transformation of Journalism. 2010.
Koenig, David. "Texas Billionaire and Navy Veteran H. Ross Perot Dies at 89." Associated Press, July 9, 2019. https://www.militarytimes.com/news/pentagon-congress/2019/07/09/texas-billionaire-and-navy-veteran-h-ross-perot-dies-at-89/.
"Leasco Had Loss Of $30.8 Million In Sept. 30 Year." Wall Street Journal, December 21, 1970.
Lehner, Urban C., and Laurie P. Cohen. "GM to Acquire EDS in Transaction Valued at as Much as $2.55 Billion." Wall Street Journal, June 29, 1984.
"LTV, LTV Aerospace, University Computing Sued for $87 Million." Wall Street Journal, February 20, 1970.
Metz, Robert. "Market Place: Public Relations And Profit Data." New York Times, May 2, 1972.
Metz, Robert. "Market Place: Western Union And Tender Bid." New York Times, May 9, 1968.
Miller, Michael W. "Microsoft Public Offering Is Grabbed Up As Company's Stock Promptly Spurts $7." Wall Street Journal, March 14, 1986.
"New I.B.M. System 360 Can Serve Business, Science and Government." New York Times, April 8, 1964.
Penn, Stanley. "Computer Competition: Justice Agency Mulls Move to Force IBM Out of the Time-Sharing Service Business." Wall Street Journal, October 1, 1968.
"Perot Suffers Paper Loss Of $50 Million on Holding." Wall Street Journal, April 21, 1971.
"Perot's Stock Falls $445-Million in Day." New York Times, April 23, 1970.
Pollack, Andrew. "Computer Disaster: Business Seeks Antidote." New York Times, August 24, 1983.
Pollack, Andrew. "I.B.M.'s Aggressive Pricing." New York Times, August 9, 1982.
Sasser, W. Earl, Christopher W. L. Hart, and James L. Heskett. The Service Management Course: Cases and Readings. 1991.
Schrage, Michael. "GE Subsidiary to Launch Home Computer Data Network." Washington Post, October 21, 1985.
Simison, Robert L. "GM Purchase of EDS May Spur Exchange To Alter Its Rules or Delist Auto Maker." Wall Street Journal, July 11, 1984.
Smith, William D. "Computer Centers Make Gains in Role of Public Utilities." New York Times, April 4, 1965.
Smith, William D. "Keydata, Time-Sharing's Phoenix." New York Times, August 16, 1970.
"SMU Mourns Loss of Donor and Leader Charles Wyly." SMU News, August 9, 2011. https://www.smu.edu/news/archives/2011/charles-wyly-dies-09aug2011.
Standard & Poor's. "CompuServe Inc." Standard OTC Stock Reports, December 14, 1979. Computer History Museum. https://archive.computerhistory.org/resources/access/text/2024/06/102805811-05-01-acc.pdf.
SunGard Data Systems Inc. Form 8-K, Exhibit 99.1 (slide presentation). Filed October 5, 2004. https://www.sec.gov/Archives/edgar/data/789388/000119312504166645/dex991.htm.
"Tale of a Tender: How Collins Radio Fended Off Attempt to Take It Over." Wall Street Journal, May 8, 1969.
"Tymshare Offer Sold Out." Wall Street Journal, September 25, 1970.
Tuller, David. "Yet Another Way to Profit From the Computer Age." New York Times, August 24, 1986.
U.S. Department of Justice. "United States' Memorandum in Support of Partial Judgment Termination." United States v. IBM, September 11, 1995. https://www.justice.gov/atr/case-document/united-states-memorandum-support-partial-termination.
United Press International. "IBM to Design, Manage Data System for Eastman Kodak." July 25, 1989. https://www.upi.com/Archives/1989/07/25/IBM-to-design-manage-data-system-for-Eastman-Kodak/9867617342400/.
"University Computing Completes $240 Million Gulf Insurance Merger." Wall Street Journal, January 3, 1969.
"University Computing Division to Be Acquired By Harris-Intertype." Wall Street Journal, August 3, 1972.
"University Computing Had $38.9 Million Loss In the Third Quarter." Wall Street Journal, November 14, 1972.
"University Computing Keeps Recent Forecast Of $2.50-a-Share '69 Net." Wall Street Journal, August 29, 1969.
"University Computing Posts $1.5 Million Net For First Quarter." Wall Street Journal, May 11, 1971.
Woutat, Donald. "GM Considers Moving 10,000 Employees To EDS Payroll in Proposed Acquisition." Wall Street Journal, September 26, 1984.

Chapter II: Where the Networks Meet#

Bradner, Scott O. "Re: [ih] Why was MAE East located in Northern Virginia?" Internet History mailing list, August 2021. https://elists.isoc.org/pipermail/internet-history/2021-August/007449.html.
Buffett, Warren E. "To the Shareholders of Berkshire Hathaway Inc." Berkshire Hathaway 2008 Annual Report, February 27, 2009. https://www.berkshirehathaway.com/letters/2008ltr.pdf.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
Center for Land Use Interpretation. "8100 Boone Blvd. Data Center, Virginia." CLUI Land Use Database, n.d. https://clui.org/ludb/site/8100-boone-blvd-data-center.
Corcoran, Elizabeth. "UUNet to Charge For Some Services: Move May Affect Many Internet Service Providers." Washington Post, May 13, 1997.
CoreSite Realty Corporation. "Form 424(b)(1) Prospectus." Filed September 23, 2010.
Curran, John. "[ih] Ingrid Burrington on North Virginia." Internet History mailing list, January 11, 2016. https://elists.isoc.org/pipermail/internet-history/2016-January/003697.html.
Denninger, Karl. "Re: Network Access Points." com-priv mailing list, March 3, 1994. https://diswww.mit.edu/menelaus/com-priv/10658.
Deutsch, Claudia H. "On Electronic Highway, Manhattan Is a Destination." New York Times, July 23, 1995.
"Developers Gear Up for New Telecom Hotels — Buildings Become Centers for Switches and Servers, But Some See a Glut." Wall Street Journal, March 8, 2000.
Dunlap, David W. "Commercial Real Estate; Once and Future Telecommunications Crossroads." New York Times, January 19, 2000.
Fry, Jason. "Behind the Scenes — The Answer Man." Wall Street Journal, December 8, 1997.
Haggerty, Maryann. "AboveNet Picks Reston as Site of 'One-Hop Network.'" Washington Post, July 5, 1999.
Holusha, John. "Commercial Property/111 Eighth Avenue; From Back Office to Front Office and High Tech." New York Times, January 25, 1998.
"Is the Internet Outgrowing Its Volunteer Traffic Cops? — 'Root Servers' Need a Paid Staff, Some Critics Say." Wall Street Journal, September 12, 1997.
"L.A. Looks to Limit Telco Hotels." Wall Street Journal, August 2, 2000.
Lewis, Peter H. "U.S. Begins Privatizing Internet's Operations." New York Times, October 24, 1994.
Loudoun County Economic Development. "MAE-East Internet Exchange Point Moves to Loudoun." Timeline entry, n.d. https://biz.loudoun.gov/timeline/mae-east-internet-exchange-point-moves-to-loudoun.
Markoff, John. "Old Man Bandwidth; Will Commerce Flourish Where Rivers of Wire Converge?" New York Times, December 8, 1997.
Meeker, Mary, and Chris DePuy. "The Internet Report." Morgan Stanley, February 1996.
"MFS, Buying UUNet, Intends to Double Its Capital Spending." Wall Street Journal, May 8, 1996.
National Science Foundation. Award CNS-9321077, "Network Access Point Manager for NSFNET and the NREN." Principal investigator Steve Feldman, MFS Datanet Inc., 1994. https://www.nsf.gov/awardsearch/show-award/?AWD_ID=9321077.
National Science Foundation. "NSF 93-52: Network Access Point Manager, Routing Arbiter, Regional Network Providers, and Very High Speed Backbone Network Services Provider for NSFNET and the NREN(SM) Program." Program solicitation, May 6, 1993. https://nsarchive.gwu.edu/media/19098/ocr.
"On-Line Users Attracted by Low Rates Strain System, Causing Frustration." Wall Street Journal, December 18, 1996.
Pae, Peter, and Rajiv Chandrasekaran. "Major Firm Plans Move to Loudoun: Internet Company to Employ 3,000." Washington Post, December 24, 1997.
"Space for Rent: Fully Wired, Windows Optional — Developers Seek New Life for 'Telecom Hotels' As Buildings Sit Empty." Wall Street Journal, June 20, 2001.
Stamler, Bernard. "Neighborhood Report: New York Noise; Instead of the Singing Telegram, Generators and Cooling Systems." New York Times, October 24, 1999.
Sugawara, Sandra. "Washington Business: On-Line and on the Move: Vienna's Computer Service Attracts the Attention of Consumers, Competitors." Washington Post, August 8, 1994.
Swisher, Kara. "Anticipating the Internet: Good Timing, Good Deal-Making and Good Luck Turned Rick Adams's UUNet Into a Star." Washington Post, May 6, 1996.
"Web Crunch: Slow Crawl on the Internet: Massive Amounts of Data Clog Systems Studded With Roadblocks." Wall Street Journal, August 23, 1996.
Wolff, Stephen. "Network Access Points." com-priv mailing list, March 2, 1994. https://diswww.mit.edu/menelaus/com-priv/10630.
Woodcock, Bill. "[ih] Why was MAE East located in Northern Virginia?" Internet History mailing list, August 31, 2021. https://elists.isoc.org/pipermail/internet-history/2021-August/007450.html.
"WorldCom to Update UUNet's Network, Investing $300 Million." Wall Street Journal, February 20, 1997.

Chapter III: The Hosting Gold Rush#

"Analyst Helps Spark Internet Rally." InternetNews.com, March 26, 1999. https://www.internetnews.com/it-management/analyst-helps-spark-internet-rally.
Associated Press. "Akamai Technologies Stock Surges on First Trading Day." New York Times, October 30, 1999.
Auerbach, Jon G. "The Providers — Playing the New Order." Wall Street Journal, November 15, 1999.
Blair, Jayson. "There's Money in Housing All Those Internet Servers, but There's a Power Drain, Too." New York Times, April 8, 2001.
Bloomberg News. "Settlement in WorldCom Deal Is Approved." New York Times, April 7, 2001.
Bloomberg News. "WorldCom Said to Agree on Intermedia Purchase for $39 a Share." New York Times, September 5, 2000.
Blumenstein, Rebecca, and Jon G. Auerbach. "Qwest, IBM Plan to Build Internet Data Centers." Wall Street Journal, March 27, 2000.
"Business Brief — CMGI: Dell, Microsoft Purchase Minority Stakes in NaviSite." Wall Street Journal, June 8, 1999.
"Business Brief — Data Return Corp.: IPO Is Scheduled Today; Shares Are Priced at $13." Wall Street Journal, October 28, 1999.
"Business Brief — Equinix Inc.: Plan Is Set for Exchanges To Manage Internet Traffic." Wall Street Journal, May 26, 1999.
"Business Brief — Microsoft Corp.: Investment of $5 Million Is Made in Data Return." Wall Street Journal, November 3, 1999.
"Business Brief — WorldCom Inc.: Court Lets Intermedia Deal Proceed, Warns of Damages." Wall Street Journal, December 14, 2000.
Carlton, Jim. "Exodus Finds 'Web Hosting' May Be Profitable Niche." Wall Street Journal, April 23, 1998.
Carlton, Jim. "Venerable Builder Bechtel Gets a New Lift From the Dot-Com Boom." Wall Street Journal, March 1, 2000.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
Cauley, Leslie. "Former Chief of Cable TV at AT&T To Be CEO of Global Crossing Unit." Wall Street Journal, December 7, 1999.
Clark, Don. "E-Business: Starting Gate." Wall Street Journal, February 7, 2000.
Clark, Don. "South Asian 'Angels' Reap Riches, Spread Wealth in Silicon Valley." Wall Street Journal, May 2, 2000.
"Dell Forms Unit to Market to Web Hosts, Services." Wall Street Journal, February 7, 2000.
"Deals & Deal Makers: IPO Scorecard." Wall Street Journal, August 17, 2000.
Deogun, Nikhil, Anita Raghavan, and Deborah Solomon. "Global Crossing Weighs Sale of 2 Units." Wall Street Journal, July 12, 2000.
Deogun, Nikhil, and Deborah Solomon. "Exodus Restarts Talks for Global Crossing Unit." Wall Street Journal, September 28, 2000.
Deogun, Nikhil, and Deborah Solomon. "Global Crossing's Talks on Sale Of Unit to Exodus Stall on Price." Wall Street Journal, July 17, 2000.
"Digex Shareholder Gets Judge to Expedite Suit To Stop Intermedia Sale." Wall Street Journal, October 5, 2000.
"Equinix Inc. to Unveil Large Finance Deal For Internet Centers." Wall Street Journal, December 2, 1999.
Equinix, Inc. Prospectus, Rule 424(b)(4). Filed August 11, 2000.
"Equinix to Construct 30 Exchange Centers For Internet Traffic." Wall Street Journal, November 4, 1999.
"Exodus and At Home Will Jointly Market Web Hosting Services." Wall Street Journal, March 27, 1998.
Exodus Communications, Inc. "Form 10-K405 Annual Report for the Fiscal Year Ended December 31, 1998." Filed February 22, 1999.
Exodus Communications, Inc. "Form 10-K Annual Report for the Fiscal Year Ended December 31, 1999." Filed March 30, 2000.
Exodus Communications, Inc. "Form DEFM14A Definitive Proxy Statement (Merger with GlobalCenter Holding Co.)." Filed December 7, 2000.
Exodus Communications. Form 10-K for fiscal 2000. Filed March 30, 2001.
Exodus Communications. Prospectus, Rule 424(b)(4). Filed March 19, 1998.
Flaherty, Julie. "Private Sector; When a 'Hit' Is a Grand Slam." New York Times, December 5, 1999.
Globix Corp. Form 10-K for fiscal 2001. Filed December 31, 2001. https://www.sec.gov/Archives/edgar/data/1003111/000095013001506317/d10k.txt.
Goodman, Peter S., and Renae Merle. "End of Its Merger Run Led to WorldCom's Fall." Washington Post, June 30, 2002.
Grimes, Ann. "Exodus to Buy Unit Of Global Crossing In Deal for Stock." Wall Street Journal, September 29, 2000.
Harris, Nicole. "Sprint's Program for Web Hosting Could Possibly Include a Purchase." Wall Street Journal, December 12, 2000.
Hennessey, Raymond. "Deals & Deal Makers: Genuity Falls 14% In Market Debut, Weighted by Losses." Wall Street Journal, June 29, 2000.
Hennessey, Raymond. "Deals & Deal Makers — IPO Outlook: Heavy IPO Calendar Affecting Offerings." Wall Street Journal, August 14, 2000.
Holusha, John. "Commercial Property/High Technology; A 500,000-Sq.-Ft. Lease Brings Qwest to Yonkers." New York Times, November 5, 2000.
Holusha, John. "Commercial Property; Web Gives White Elephants a New Life." New York Times, July 9, 2000.
Holusha, John. "Commercial Real Estate; Plans for a 'Server Farm' Take Developer Upstate." New York Times, September 6, 2000.
Huber, Peter, and Mark P. Mills. "Dig More Coal—the PCs Are Coming." Forbes, May 31, 1999.
Hymowitz, Carol. "In the Lead: Fired From Two Jobs, A High-Tech Manager Gets the Last Laugh." Wall Street Journal, October 5, 1999.
In re Digex Inc. Shareholders Litigation, 789 A.2d 1176 (Del. Ch. 2000). Decided December 13, 2000. Exhibit 99.1 to Intermedia Communications Form 8-K. https://www.sec.gov/Archives/edgar/data/885067/000095012300011575/0000950123-00-011575.txt.
"Intel to Shutter Its Operation For Web Hosting." Wall Street Journal, June 19, 2002.
Lawrence Berkeley National Laboratory. "Data Center Energy Use: Truth versus Myth." Science Beat, July 16, 2002. https://www2.lbl.gov/Science-Articles/Archive/data-center-energy-myth.html.
Lohr, Steve, with John Markoff. "Computing Centers Become the Keeper of Web's Future." New York Times, May 19, 1999.
McWilliams, Gary. "Dell to Sell Assets Of Web-Host Unit To Sprint Corp." Wall Street Journal, August 31, 2001.
Mehta, Stephanie N. "Metromedia Fiber Network Plans to Buy AboveNet for $1.76 Billion in Stock." Wall Street Journal, June 24, 1999.
Metromedia Fiber Network, Inc. Form 10-Q/A. Filed January 26, 2001. https://www.sec.gov/Archives/edgar/data/1043533/000091205701003042/a2036114z10-qa.txt.
"Navisite to Reduce Its Staff." Wall Street Journal, February 6, 2001.
NaviSite, Inc. Form 10-K for fiscal 2001. Filed October 30, 2001. https://www.sec.gov/Archives/edgar/data/1084750/000092701601503388/d10k.txt.
Peck, Georgia. "Louisiana Public Service Commission Green Lights Entergy Power Plant Construction for Meta Data Center." WAFB, August 20, 2025. https://www.wafb.com/2025/08/20/louisiana-public-service-commission-green-lights-entergy-power-plant-construction-meta-data-center/.
Perez, Evan. "Internet Hub May Revive Miami Area." Wall Street Journal, June 28, 2000.
Plotkin, Hal. "Exodus's Stock Seen Going Higher." CNBC.com, January 2000. https://plotkin.com/?p=767.
Pollack, Andrew. "Web-Page Distribution System Could Unclog Internet Traffic Jams." New York Times, April 26, 1999.
"Professor Stands to Reap Windfall in Akamai IPO." Wall Street Journal, October 26, 1999.
Reuters. "Company News; Compaq to Sell an Internet Services Unit to AboveNet." New York Times, May 25, 1999.
Reuters. "Company News; Metromedia to Buy AboveNet for $1.55 Billion." New York Times, June 24, 1999.
Reuters. "Exodus Is Buying Cohesive Technology for $100 Million." New York Times, April 23, 1999.
Rich, Motoko. "Developers Gear Up for New Telecom Hotels — Buildings Become Centers For Switches and Servers, But Some See a Glut." Wall Street Journal, March 8, 2000.
Schiesel, Seth. "Daniel Lewin, Technology Executive, 31." New York Times, September 13, 2001.
Schiesel, Seth. "Technology; Genuity to Introduce First Major Internet Service Offerings." New York Times, September 19, 2000.
Solomon, Deborah. "Digex Inc. Shares Decline Almost 20% As WorldCom Confirms Intermedia Bid." Wall Street Journal, September 6, 2000.
Solomon, Deborah. "Genuity Unit Of GTE Plans Stock Offering." Wall Street Journal, May 25, 2000.
Solomon, Deborah. "WorldCom, Intermedia Agree to Revise Terms of Deal in Bid to Settle Digex Suit." Wall Street Journal, February 16, 2001.
Solomon, Deborah, and Nikhil Deogun. "Deals & Deal Makers: Digex Sale Reflects Minority Holders' Secondary Status." Wall Street Journal, September 8, 2000.
Solomon, Deborah, and Nikhil Deogun. "WorldCom to Acquire Intermedia for Stock, Debt." Wall Street Journal, September 5, 2000.
Templin, Neal. "Power-Hungry Web 'Server Farms' Find Cooler Reception in California." Wall Street Journal, February 28, 2001.
"Technology Brief — Exodus Communications Inc.: Purchase of Service Metrics In Stock Deal Is Planned." Wall Street Journal, October 28, 1999.
Terremark Worldwide, Inc. Form 10-K for fiscal year ended March 31, 2001. Filed July 16, 2001. https://www.sec.gov/Archives/edgar/data/912890/000095014401504501/g70341e10-k.txt.
"The Markets; Deal of the Day." New York Times, March 20, 1998.
U.S. House of Representatives, Committee on Government Reform, Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs. Kyoto and the Internet: The Energy Implications of the Digital Economy. Hearing, 106th Cong., 2nd sess., February 2, 2000. Serial No. 106-125.
U.S. House of Representatives, Committee on Oversight and Government Reform, Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs. America's AI Moonshot: The Economics of AI, Data Centers, and Power Consumption. Hearing, 119th Cong., 1st sess., April 1, 2025. Serial No. 119-15.
WorldCom, Inc. "Form S-4 Registration Statement." Filed October 16, 2000.
WorldCom, Inc. "Form S-4/A Amendment to Registration Statement." Filed April 26, 2001.
Young, Shawn. "WorldCom's Intermedia Deal Hits Bump." Wall Street Journal, December 15, 2000.
Zuckerman, Gregory. "A Year After the Peak: How Nasdaq's Mighty Have Fallen." Wall Street Journal, March 5, 2001.

Chapter IV: Empty Floors#

Associated Press. "Exodus Communications Files for Chapter 11." Wall Street Journal, September 27, 2001.
Associated Press. "Technology; Exodus Chief Unexpectedly Resigns Post." New York Times, September 5, 2001.
Berman, Dennis K., Phillip Day, and Henry Sender. "Global Crossing Files for Chapter 11, Plans to Reorganize with Asia Firms." Wall Street Journal, January 29, 2002.
Bloomberg News. "Settlement in WorldCom Deal Is Approved." New York Times, April 7, 2001.
Bloomberg News. "Technology Briefing | Internet: Globix Plans to Seek Protection." New York Times, January 15, 2002.
"Business Brief — Divine Inc.: Data Return Corp. Purchase Is Planned in $31 Million Deal." Wall Street Journal, November 5, 2001.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
Coffman, K. G., and A. M. Odlyzko. "Growth of the Internet." AT&T Labs–Research, July 6, 2001. https://www-users.cse.umn.edu/~odlyzko/doc/oft.internet.growth.pdf.
Cogent Communications Group, Inc. "Form 8-K/A." Filed June 17, 2002.
"Digex Inc. Cuts 7% of Work Force." Wall Street Journal, June 28, 2002.
Digital Realty Trust, Inc. "Form 424(b)(4) Prospectus." Filed November 1, 2004.
DuPont Fabros Technology, Inc. "Form 424(b)(4) Prospectus." Filed October 19, 2007.
eWEEK Editors. "Analyst: Exodus Bankruptcy Imminent." eWeek, September 25, 2001. https://www.eweek.com/news/analyst-exodus-bankruptcy-imminent/.
EXDS, Inc. "Second Amended Disclosure Statement with Respect to Second Amended Joint Plan of Reorganization of EXDS, Inc. and Its Debtor Affiliates." Case No. 01-10539 (SLR), U.S. District Court for the District of Delaware. Exhibit to Form 8-K. Filed May 3, 2002.
Exodus Communications, Inc. "Form 8-K." Filed September 27, 2001.
Garbarine, Rachelle. "In the Region/New Jersey; A Few Telco Hotels Are Still in the Works." New York Times, May 6, 2001.
Genuity Inc. "Genuity Announces Tender Offer to Acquire Integra." Form 8-K, Exhibit 99.1. Filed June 1, 2001. https://www.sec.gov/Archives/edgar/data/1110794/000092701601501262/dex991.txt.
"Genuity Is Left on the Launching Pad." Forbes, July 26, 2002. https://www.forbes.com/2002/07/26/0726genuity.html.
Globix Corporation. "Form 8-K (Event Date March 1, 2002)."
Globix Corporation. "Form 8-K (Event Date April 8, 2002)."
Globix Corporation. "Form 10-Q." Filed May 15, 2002.
Goodman, Peter S., and Renae Merle. "End of Its Merger Run Led to WorldCom's Fall." Washington Post, June 30, 2002.
Hunt, Ben. "Cable and Wireless in Deal to Acquire Exodus for $850 Million." Financial Times, via New York Times, November 30, 2001.
Mangalindan, Mylene. "E-Business: Exodus Suits Up to Stay in Game." Wall Street Journal, August 27, 2001.
Mangalindan, Mylene. "E-Business: Overcapacity Jitters Hurt Web-Hosting Stocks." Wall Street Journal, June 18, 2001.
Mangalindan, Mylene. "Exodus Communications Readies A Filing Under Bankruptcy Code." Wall Street Journal, September 25, 2001.
Mangalindan, Mylene. "Exodus's Chairman Hancock Resigns; Board Names Krause as Her Successor." Wall Street Journal, September 5, 2001.
Manuel, Gren. "Cable & Wireless Establishes Foothold, Faces Obstacles in Global Web-Hosting War." Wall Street Journal, December 3, 2001.
McWilliams, Gary. "Dell to Sell Assets Of Web-Host Unit To Sprint Corp." Wall Street Journal, August 31, 2001.
Miller, Rich. "Digital Realty Acquires AboveNet Centers." DataCenter Knowledge, October 2, 2006.
"Net-Services Firm Genuity to Buy France's Integra for $113.7 Million." Wall Street Journal, June 1, 2001.
Noguchi, Yuki. "Cogent to Buy U.S. Division of PSINet." Washington Post, February 27, 2002.
Nuzum, Christine. "Metromedia Fiber Files for Bankruptcy Protection." Wall Street Journal, May 20, 2002.
Pacelle, Mitchell, and Mylene Mangalindan. "Cable & Wireless to Buy Most of Exodus For $570 Million, Plus Debt Assumption." Wall Street Journal, November 30, 2001.
"PSINet Reduces Founder's Role." InternetNews, April 30, 2001. https://internetnews.com/archive/psinet-reduces-founders-role.
PSINet Inc. Form 8-K. Filed June 1, 2001. https://www.sec.gov/Archives/edgar/data/940716/000090130901500044/form8k_june12001.txt.
Schiesel, Seth. "Daniel Lewin, Technology Executive, 31." New York Times, September 13, 2001.
Scinta, Christopher. "Metromedia Fiber Sees Enterprise Value of $230M–$330M." Wall Street Journal, May 22, 2003.
Sender, Henny. "Telecom Special: In Bankruptcy, PSINet Gets '90% Off' Tag." Wall Street Journal, November 27, 2001.
Simonson, Sharon. "Equinix Buys AboveNet's Data Center in San Jose." Silicon Valley Business Journal, December 12, 2004.
Smith, Ray A. "Space for Rent: Fully Wired, Windows Optional — Developers Seek New Life For 'Telecom Hotels' As Buildings Sit Empty." Wall Street Journal, June 20, 2001.
Smith, Ray A. "'Telecom Hotels' Find Interest Once More." Wall Street Journal, October 10, 2001.
Templin, Neal. "Power-Hungry Web 'Server Farms' Find Cooler Reception in California." Wall Street Journal, February 28, 2001.
Tier 1 Research. "Infrastructure Bible v2.0C: Where Has All the Space Gone?" Tier 1 Research, April 2002. Press release, April 4, 2002. https://www.whtop.com/news/13496-tier-1-releases-hosting-directory-data-center-report.
"Verizon Global, Genuity Solutions Cancel Metromedia Fiber Pacts." Wall Street Journal, April 7, 2002.
Zuckerman, Gregory. "A Year After the Peak: How Nasdaq's Mighty Have Fallen." Wall Street Journal, March 5, 2001.

Chapter V: The Phoenix#

Amazon Web Services. "Announcing Amazon Elastic Compute Cloud (Amazon EC2) - beta." AWS What's New, August 24, 2006.
Associated Press. "Verizon to Buy Terremark for $1.4 Billion." Phys.org, January 28, 2011.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
CenturyLink and Savvis. "CenturyLink to Acquire Savvis for $40 Per Share in Cash and Stock Transaction." Press release, Savvis Form 8-K, Exhibit 99.2. April 27, 2011.
CenturyLink. "CenturyLink and Savvis Complete Merger." Press release, Form 8-K, Exhibit 99.1. July 15, 2011.
Digital Realty Trust. Form 10-K for fiscal 2004. Filed 2005 (accession 0001193125-05-067198).
Digital Realty Trust. Prospectus, Rule 424(b)(4). October 28, 2004.
Equinix and Switch and Data. "Equinix to Acquire Switch and Data in $689 Million Deal That Expands Equinix's Presence Into 16 New Markets." Form 425. October 21, 2009.
"Equinix Completes Switch & Data Merger." Data Center Knowledge, May 3, 2010.
Equinix, Inc. "Amendment No. 1 to Form S-4 Registration Statement" (proxy statement/prospectus for the Switch & Data Facilities Company special meeting). Filed December 21, 2009.
Equinix. "Equinix Completes $683.4 Million Acquisition of Switch and Data, Strengthening Its Leadership in Data Center Services." Press release, Form 8-K, Exhibit 99.1. May 3, 2010.
Equinix. "Equinix Completes Merger and Financing Transactions." Press release, Form 8-K, Exhibit 99.1. December 31, 2002.
Equinix. "Equinix Names Former HP Executive, Stephen M. Smith, CEO." Press release. March 19, 2007.
Equinix. "Equinix Reports Fourth Quarter and Year-End 2008 Results." Press release. February 11, 2009.
Equinix. "Equinix to Open Third Data Center in the Silicon Valley; Company Updates 2005 Guidance." Press release, Form 8-K, Exhibit 99.1. December 8, 2004.
Equinix. Form 10-K for fiscal 2003. Filed 2004.
Equinix. Form 10-K for fiscal 2004. Filed 2005.
Equinix. Form 8-K. Date of report April 30, 2010 (accession 0001193125-10-104230).
Equinix. Form 8-K. Filed December 2004 (accession 0001193125-04-211084).
Equinix. Form 8-K. Filed October 9, 2002.
EXDS, Inc. (f/k/a Exodus Communications, Inc.). "Second Amended Disclosure Statement with Respect to Second Amended Joint Plan of Reorganization of EXDS, Inc. and Its Debtor Affiliates." Case No. 01-10539 (SLR), U.S. District Court for the District of Delaware, April 2002. Exhibit to EXDS Form 8-K, filed May 3, 2002.
GI Partners. "GI Partners to Manage CalPERS' $3.4 Billion CalEast Industrial and Logistics Real Estate Portfolio." Press release. December 1, 2010.
"Jeff Bezos' Risky Bet." BusinessWeek, November 13, 2006.
Kerner, Sean Michael. "Court Approves Savvis Bid for Bankrupt C&W." InternetNews, January 23, 2004.
Latamore, Bert. "Switch and the Super|Nap: The Story of the World's Highest Density Data Center." SiliconANGLE, September 21, 2010.
"Legislators told data center tax help will benefit Nevada big." Las Vegas Review-Journal, 2015.
Miller, Rich. "2009: Stellar Year for Data Center Stocks." Data Center Knowledge, January 4, 2010.
Miller, Rich. "Analysts: Demand Still Outpacing Supply." Data Center Knowledge, June 28, 2010.
Miller, Rich. "Digital Realty in 'A Different World'." Data Center Knowledge, March 2, 2009.
Miller, Rich. "DuPont Fabros Halts Data Center Projects." Data Center Knowledge, November 17, 2008.
Miller, Rich. "DuPont Fabros Seeks Funding, Shares Plunge." Data Center Knowledge, November 6, 2008.
Miller, Rich. "Equinix Acquires Fourth Silicon Valley Data Center." Data Center Knowledge, June 27, 2005.
Miller, Rich. "Equinix Buys IXEurope for $482M." Data Center Knowledge, June 28, 2007.
Miller, Rich. "GI Partners Sells Last Data Center Holding." Data Center Knowledge, September 14, 2009.
Miller, Rich. "Magnuson to Step Down as Digital Realty Chairman." Data Center Knowledge, March 9, 2012.
Miller, Rich. "Rackspace IPO Priced at $12.50." Data Center Knowledge, August 8, 2008.
Miller, Rich. "Terremark: Credit Crunch Scuttled Potential Sale." Data Center Knowledge, November 5, 2008.
Miller, Rich. "The Vegas SuperNAP: A Data Center Revolution?" Data Center Knowledge, May 27, 2008.
Miller, Rich. "Tier 1: Oversupply Fears Are Unfounded." Data Center Knowledge, September 27, 2011.
Plaskon, Ky. "Profiting from Enron Bankruptcy." KNPR (Nevada Public Radio), November 29, 2004.
Rackspace Hosting. Prospectus, Rule 424(b)(1). August 7, 2008.
"Savvis Acquires C&W US Assets." Light Reading, January 23, 2004.
SAVVIS, Inc. Definitive Proxy Statement (Schedule 14A), Merger with CenturyLink. Filed June 10, 2011.
Savvis. "SAVVIS Closes Purchase of Cable & Wireless America Assets." Press release, Form 8-K, Exhibit 99.1. March 8, 2004.
Switch and Data. "Switch and Data Reports Third Quarter 2009 Financial and Operating Results." Press release, Form 8-K, Exhibit 99.1. October 27, 2009.
Switch, Inc. Prospectus, Rule 424(b)(4). Filed October 10, 2017.
"Telecomeback." Forbes, January 21, 2002.
Terremark Worldwide, Inc. Solicitation/Recommendation Statement on Schedule 14D-9. Filed February 11, 2011.
Terremark Worldwide. Form 10-K for fiscal year ended March 31, 2001. Filed 2001.
Vance, Ashlee. "Welcome to Las Vegas – Home of the Technology Superpower You've Never Heard Of." The Register, May 24, 2008.
Vaughn, Alan. "Pihana Pacific Enters Multinational Merger." Honolulu Star-Bulletin, October 3, 2002.
Verizon. "Verizon Completes Terremark Acquisition." Press release, Form 8-K, Exhibit 99.1. April 11, 2011.
Verizon. "Verizon to Acquire Terremark, Boosting Cloud Strategy through Powerful Unified Enterprise IT Delivery Platform." Press release, Terremark Form 8-K, Exhibit 99.2. January 27, 2011.
"Witness: Enron Broadband Software 'Pixie Dust'." NBC News, April 21, 2005.

Chapter VI: The Cloud Eats the Building#

"After dramatic growth, Ashburn expects even more data centers." Washington Post, Capital Business, August 2011.
Amazon Web Services. "Announcing Amazon Elastic Compute Cloud (Amazon EC2) - beta." AWS What's New, August 24, 2006.
Amazon.com. "Amazon Web Services Launches." Press release, Business Wire, March 14, 2006.
Associated Press. "High-tech firms move into potato country." NBC News, March 28, 2006.
Bell, Eric. "DataBank acquires zColo sites from Zayo for $1.4 Billion." Baxtel, September 30, 2020.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
Cincinnati Bell Inc. Form 8-K. Filed May 13, 2010.
Cincinnati Bell. "CyrusOne Inc. Prices Initial Public Offering of Common Stock." Exhibit 99.1 to Form 8-K, January 17, 2013.
Colony Capital, Inc. Form 10-K for fiscal 2020. Filed March 1, 2021.
CoreSite Realty Corporation. Prospectus, Rule 424(b)(1). Filed September 23, 2010.
CyrusOne Inc. Prospectus, Rule 424(b)(4). Filed January 22, 2013.
DataBank. "DataBank Completes zColo Transaction with Closing Acquisition of Five Data Centers in France." PR Newswire, February 3, 2021.
Del Deo, Nick, and Sydney Marks. "Zayo: Plan A, Version 2.0… A Closer Look at zColo." MoffettNathanson, March 4, 2019.
Del Deo, Nick. "Data Centers: Implications of the Hyperscale Leasing Slowdown and a Close Look at Valuation." MoffettNathanson, July 22, 2019.
Del Deo, Nick. "U.S. Communications Infrastructure: Meeting with Dan Caruso, Founder and Former Chairman & CEO of Zayo." MoffettNathanson, February 20, 2025.
Del Deo, Nick. "Zayo: Q2 F2020 Earnings: Good Night, and Good Luck." MoffettNathanson, February 4, 2020.
DuPont Fabros Technology, Inc. Prospectus, Rule 424(b)(4). Filed October 19, 2007.
Equinix. "Equinix Board of Directors Approves REIT Conversion." Press release, December 23, 2014.
Facebook. "Facebook Launches Open Compute Project." Press release, April 7, 2011.
Freed, Benjamin. "70 Percent of the World's Web Traffic Flows Through Loudoun County." Washingtonian, September 14, 2016.
Glanz, James. "Data Barns in a Farm Town, Gobbling Power and Flexing Muscle." New York Times, September 24, 2012.
"Google buying 30 acres on Columbia River." GlobeSt, February 18, 2005.
"Jeff Bezos' Risky Bet." BusinessWeek, November 13, 2006.
Markoff, John, and Saul Hansell. "Hiding in Plain Sight, Google Seeks More Power." New York Times, June 14, 2006. Reprinted in Infowarrior mailing list, June 2006. https://attrition.org/pipermail/infowarrior/2006-June/000318.html.
McWilliams, John, and Matthew Nevinger. "Data Center Spotlight: Power and Lease Pricing Outlook." Cushman & Wakefield, July 26, 2023.
Miller, Rich. "2009: Stellar Year for Data Center Stocks." Data Center Knowledge, January 4, 2010.
Miller, Rich. "CoreSite Goes Public With IPO on NYSE." Data Center Knowledge, September 23, 2010.
Miller, Rich. "Data Center Leasing in Northern Virginia Hits Record 115 MW in 2017." Data Center Frontier, February 2, 2018.
Miller, Rich. "DataBank Acquires zColo Data Centers in Major Expansion." Data Center Frontier, September 29, 2020.
Miller, Rich. "DuPont Fabros Halts Data Center Projects." Data Center Knowledge, November 17, 2008.
Miller, Rich. "DuPont Fabros Raises $641M in IPO." Data Center Knowledge, October 19, 2007.
Miller, Rich. "DuPont Fabros Seeks Funding, Shares Plunge." Data Center Knowledge, November 6, 2008.
Miller, Rich. "Facebook Has Spent $210 Million on Oregon Data Center." Data Center Knowledge, January 30, 2012.
Miller, Rich. "Facebook Opens its Server, Data Center Designs." Data Center Knowledge, April 7, 2011.
Miller, Rich. "Loudoun: 5 Million Square Feet of Data Centers, More to Come." Data Center Knowledge, September 11, 2012.
Miller, Rich. "WashPost Profiles Ashburn 'Data Center Alley.'" Data Center Knowledge, August 28, 2011.
Miller, Rich. "WSJ: Google is Buying 111 8th Avenue." Data Center Knowledge, December 3, 2010.
Miller, Ron. "How AWS came to be." TechCrunch, July 2, 2016.
Peterson, Tom. "First Google Data Center hits tax rolls; Bill just went up $5 Million." Columbia Community Connection, October 2022.
QTS Realty Trust, Inc. Prospectus, Rule 424(b)(4). Filed October 10, 2013.
QTS Realty Trust. "QTS Realty Trust, Inc. Prices Initial Public Offering." Press release, PR Newswire, October 9, 2013.
RebornData. "Amazon Betas 'Elastic' Grid Computing Service." Slashdot, August 24, 2006.
Renaissance Capital. "QTS Realty Trust prices IPO at $21, below the range." October 9, 2013.
Rogoway, Mike. "Google buys more land in The Dalles." The Oregonian, reprinted in Spokesman-Review, March 29, 2016.
Shehabi, Arman, Sarah Smith, Dale Sartor, Richard Brown, Magnus Herrlin, Jonathan Koomey, Eric Masanet, Nathaniel Horner, Inês Azevedo, and William Lintner. United States Data Center Energy Usage Report. LBNL-1005775. Berkeley, CA: Lawrence Berkeley National Laboratory, June 2016.
Silver Lake. "Vantage Data Centers Announces Launch and Funding from Silver Lake." Press release, June 17, 2010.
Sverdlik, Yevgeniy. "Its zColo Acquisition Will Make DataBank a US Data Center Heavyweight." Data Center Knowledge, September 30, 2020.
Sverdlik, Yevgeniy. "Why Zayo is Paying $675M for Latisys." Data Center Knowledge, January 15, 2015.
U.S. Congress. Public Law 109-431 (H.R. 5646). December 20, 2006.
U.S. Environmental Protection Agency, ENERGY STAR Program. Report to Congress on Server and Data Center Energy Efficiency, Public Law 109-431. August 2, 2007.
Uptime Institute. 2018 Global Data Center Survey. Keynote Report 13, June 2018.
Zayo Group Holdings, Inc. Definitive Proxy Statement (Schedule 14A), Merger with Front Range TopCo. Filed June 26, 2019.
Zayo Group Holdings, Inc. Form 10-K for fiscal year ended June 30, 2015. Filed September 18, 2015.
Zayo Group Holdings, Inc. Form 10-K for fiscal year ended June 30, 2019. Filed September 4, 2019.
Zayo Group, LLC. Form 10-K for fiscal year ended June 30, 2011. Filed September 9, 2011.
Zayo Group, LLC. Form 10-K for fiscal year ended June 30, 2013. Filed September 23, 2013.
Zayo Group. "Zayo Completes Sale of zColo's US and UK Data Center Assets to DataBank." Business Wire, December 15, 2020.

Chapter VII: The Reconsolidation#

American Tower and CoreSite. "American Tower to Acquire CoreSite." Business Wire release via TelecomTV, November 15, 2021.
American Tower Corporation. Form 10-Q for the quarter ended June 30, 2022. Filed with the SEC, 2022.
American Tower. "American Tower Completes Acquisition of CoreSite Realty Corporation." Press release, Exhibit 99.2 to Form 8-K, December 28, 2021.
"AT&T sells 31 data centers to Brookfield Infrastructure for $1.1 billion." Converge Digest, January 2, 2019.
AT&T. "AT&T Closes Sale of Data Center Colocation Operations and Assets to Brookfield Infrastructure." Press release, PR Newswire, January 1, 2019.
Bell, Eric. "Colony Capital Rebrands as DigitalBridge, Sells non-digital Assets." Baxtel, June 9, 2021.
Blackstone and QTS Realty Trust. "Blackstone Funds Complete Acquisition of QTS Realty Trust." Press release, PR Newswire, August 31, 2021.
Bloomberg News. "DigitalBridge to Buy Data Center Firm Switch for $8.4 Billion." Data Center Knowledge, May 11, 2022.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
CenturyLink and Savvis. "CenturyLink to Acquire Savvis for $40 Per Share in Cash and Stock Transaction." Press release, Exhibit 99.2 to Savvis Form 8-K, April 27, 2011.
CenturyLink. "CenturyLink completes sale of data centers and colocation business to consortium led by BC Partners and Medina Capital." Press release, May 2, 2017.
Cologix. "Cologix Organizational Changes Strengthen Leadership Team and Positions Cologix for Continued Long-Term Growth." Press release, PR Newswire, August 16, 2017.
Cologix. "Stonepeak Successfully Completes $3.0 Billion Equity Recapitalization of Portfolio Company Cologix." Press release, April 6, 2022.
Colony Capital, Inc. Form 10-K for fiscal 2020. Filed March 1, 2021.
CoreSite Realty Corporation. "Solicitation/Recommendation Statement on Schedule 14D-9." Filed with the SEC November 29, 2021.
CyrusOne Inc. "Definitive Proxy Statement (Schedule 14A): Merger with KKR and GIP." Filed with the SEC December 30, 2021.
Del Deo, Nick. "Data Centers and Towers: REITworld Takeaways and Thoughts on a Potential Acquisition of CoreSite." MoffettNathanson, November 11, 2021.
Del Deo, Nick. "Zayo: Q2 F2020 Earnings: Good Night, and Good Luck." MoffettNathanson, February 4, 2020.
Del Deo, Nick, and Chris Chae. "Data Centers: Do ROIC Trends Match the Narrative of the AI Boom?" MoffettNathanson, April 13, 2026.
Del Deo, Nick, and Michael Srour. "A Data Center Double Header: American Tower Buys CoreSite while KKR and GIP Buy CyrusOne." MoffettNathanson, November 15, 2021.
Del Deo, Nick, and Michael Srour. "Data Centers: What are the Takeaways from Blackstone's Acquisition of QTS?" MoffettNathanson, June 7, 2021.
Del Deo, Nick, and Sydney Marks. "Zayo: Plan A, Version 2.0… A Closer Look at zColo." MoffettNathanson, March 4, 2019.
Del Deo, Nick, and William Hunt. "U.S. Data Centers: Data Centers through a Tower Lens." MoffettNathanson, October 23, 2023.
Del Deo, Nick, Craig Moffett, and Cathy Yao. "Dark Fiber and Towers: Batman vs. Superman, or 'You're No Jack Kennedy.'" MoffettNathanson, October 14, 2014.
"Digital Bridge Buys Vantage, Silicon Valley's Largest Wholesale Data Center Firm." Data Center Knowledge, March 27, 2017.
Digital Realty Trust and DuPont Fabros Technology. "Digital Realty to Merge with DuPont Fabros." Press release, Exhibit 99.1 to Form 8-K, June 9, 2017.
Digital Realty Trust and DuPont Fabros Technology. Completion-of-merger press release. Exhibit 99.1 to Form 8-K, September 14, 2017.
Digital Realty Trust and InterXion. "Digital Realty to Combine with Interxion." Press release, Exhibit 99.1 to Form 8-K, October 29, 2019.
Digital Realty Trust. "Digital Realty Completes Combination with InterXion." Press release, Exhibit 99.1 to Form 8-K, March 13, 2020.
Digital Realty Trust. "Digital Realty to Acquire Telx." Press release, Exhibit 99.1 to Form 8-K, July 14, 2015.
Digital Realty Trust. "Prospectus (Rule 424(b)(3)): Joint Proxy Statement/Prospectus for the Mergers with DuPont Fabros Technology." Filed with the SEC August 15, 2017.
Digital Realty Trust. "Prospectus (Rule 424(b)(3)): Offer to Exchange Shares of InterXion Holding N.V." Filed with the SEC January 28, 2020.
Digital Realty Trust. Form 8-K (completion of Telx acquisition). Date of report October 9, 2015.
Digital Realty Trust. Form 8-K (Telx merger agreement). Date of report July 13, 2015.
DigitalBridge and IFM Investors. "DigitalBridge and IFM Investors Complete $11 Billion Take-Private of Switch." Press release, Exhibit 99.1 to Switch Form 8-K, December 6, 2022.
DuPont Fabros Technology. Exhibit 99.1 to Form 8-K (combined financial statements, second quarter 2017). 2017.
EQT. "EQT Infrastructure to acquire leading global data center provider EdgeConneX." Press release, August 19, 2020.
Equinix and GIC. "Equinix and GIC Complete Formation of Greater than US$1.0 Billion European Data Center Joint Venture." Press release, Exhibit 99.1 to Form 8-K, October 9, 2019.
"Equinix Elevates COO Meyers to CEO." Light Reading, September 12, 2018.
Equinix. "Equinix Expands Data Center Leadership Position with Close of Telecity Acquisition." Press release, January 15, 2016.
Equinix. "Equinix Solidifies EMEA Data Center Portfolio." Press release, July 5, 2016.
Equinix. Form 8-K (agreement to form joint venture with GIC). Date of report June 27, 2019.
Hall, Kat. "Equinix moves into Europe by slurping up Telecity." The Register, May 29, 2015.
KKR, Global Infrastructure Partners and CyrusOne. "CyrusOne to be Acquired by KKR and Global Infrastructure Partners in $15 Billion Transaction." Business Wire release via TelecomTV, November 15, 2021.
KKR, Global Infrastructure Partners and CyrusOne. "KKR and GIP Complete Acquisition of CyrusOne." Press release, Exhibit 99.1 to CyrusOne Form 8-K, March 25, 2022.
Macquarie Asset Management and PSP Investments. "Macquarie Asset Management and PSP Investments announce sale of AirTrunk." Press release, September 4, 2024.
Macquarie Infrastructure and Real Assets. "Macquarie-managed infrastructure fund-led consortium reaches financial close on leading hyperscale data centre platform AirTrunk." Press release, April 8, 2020.
Miller, Rich. "Ashburn Power Crunch May Cause Delays in Data Center Construction." Data Center Frontier, July 29, 2022.
Miller, Rich. "Blackstone to Acquire QTS in Blockbuster Data Center M&A Deal." Data Center Frontier, June 7, 2021.
Miller, Rich. "Cologix Acquired by Private Equity Firm Stonepeak." Data Center Frontier, February 3, 2017.
Miller, Rich. "DataBank Acquires zColo Data Centers in Major Expansion." Data Center Frontier, September 29, 2020.
Miller, Rich. "Dominion Resumes New Connections, But Loudoun Faces Lengthy Power Constraints." Data Center Frontier, September 26, 2022.
Miller, Rich. "Going xScale: Equinix, GIC Partner on Hyperscale Data Centers in Europe." Data Center Frontier, July 1, 2019.
Miller, Rich. "KKR, GIP to Acquire CyrusOne in Blockbuster $15 Billion Deal." Data Center Frontier, November 15, 2021.
Miller, Rich. "The Vegas SuperNAP: A Data Center Revolution?" Data Center Knowledge, May 27, 2008.
Nichols, Shaun. "Verizon flogs off 29 data centers, pockets $3.6bn." The Register, December 6, 2016.
Plaskon, Ky. "Profiting from Enron Bankruptcy." KNPR (Nevada Public Radio), November 29, 2004.
QTS Realty Trust and Blackstone. "QTS Realty Trust to Be Acquired by Blackstone Funds in $10 Billion Transaction." Press release, Exhibit 99.1 to Form 8-K, June 7, 2021.
QTS Realty Trust. "Definitive Proxy Statement (Schedule 14A): Mergers with Blackstone." Filed with the SEC July 21, 2021.
Rabb, Dan. "A Big Bet Against Data Center REITs Is Turning Heads, But Industry Experts Aren't Buying It." Bisnow, July 7, 2022.
Reuters. "This Private Equity Firm Is the Frontrunner to Buy CenturyLink's Data Centers." Fortune, October 11, 2016.
Robinson, Dan. "Private equity snaps up datacenter operator Switch for nearly $11b." The Register, May 12, 2022.
Sverdlik, Yevgeniy. "Its zColo Acquisition Will Make DataBank a US Data Center Heavyweight." Data Center Knowledge, September 30, 2020.
Sverdlik, Yevgeniy. "Macquarie Backs Data Center Provider Aligned Energy." Data Center Knowledge, April 24, 2018.
Switch, Inc. "Definitive Proxy Statement (Schedule 14A): Mergers with DigitalBridge and IFM." Filed with the SEC June 27, 2022.
Tan, Gillian, and Ed Hammond. "American Tower Strikes Deal for Data Center Trust CoreSite." Bloomberg, via Bloomberg Law, November 15, 2021.
Tan, Gillian, and Nabila Ahmed. "EQT and Digital Colony Agree to Buy Zayo for Over $8 Billion." Bloomberg, via Data Center Knowledge, May 8, 2019.
Tan, Gillian. "Colony to Buy Digital Bridge, Owner of DataBank, Vantage, for $325M." Bloomberg, via Data Center Knowledge, July 2019.
"Tower owner Digital Bridge spreads its wings with a major data center acquisition." Wireless Estimator, July 14, 2016.
Verizon. "Verizon to Acquire Terremark, Boosting Cloud Strategy through Powerful Unified Enterprise IT Delivery Platform." Press release, Exhibit 99.2 to Terremark Form 8-K, January 27, 2011.
Wagner, Mitch. "CenturyLink Sells Data Centers for $2.15B." Light Reading, November 4, 2016.
Wilkers, Ross. "Equinix grows government footprint in $3B deal with Verizon." Washington Technology, May 1, 2017.
Young, Sarah, and Liana B. Baker. "Equinix to buy TelecityGroup for $3.6 billion, Interxion deal ended." Reuters, via Yahoo Finance UK, May 29, 2015.
Zayo Group Holdings. "Definitive Proxy Statement (Schedule 14A): Merger with Front Range TopCo (Digital Colony and EQT)." Filed with the SEC June 26, 2019.
Zayo Group Holdings. "Zayo Announces Definitive Agreement to be Acquired by Digital Colony and EQT." Press release, May 8, 2019.
Zayo Group Holdings. "Zayo Completes Transition to a Private Company." Press release, Exhibit 99.1 to Form 8-K, March 9, 2020.
Zayo Group Holdings. Employee communication. Exhibit 99.1 to Form 8-K, May 2019.

Chapter VIII: The AI Gold Rush#

404 Media. "Goldman Sachs: AI Is Overhyped, Wildly Expensive, and Unreliable." 404 Media, July 2024.
Action News 5. "Shelby Co. Air Pollution Control Board denies appeal over xAI's turbine use, citing mootness." December 16, 2025.
AEP Ohio. "Data Center Tariff." AEP Ohio. Accessed November 6, 2026.
Aliaga, Stephanie. "How is AI being monetized?" J.P. Morgan Asset Management, January 9, 2026.
Alphabet Inc. "Alphabet Announces Third Quarter 2026 Results." Press release, Exhibit 99.1 to Form 8-K, October 28, 2026.
Alphabet Inc. Form 10-K for the fiscal year ended December 31, 2025. Filed with the SEC February 5, 2026.
Amazon.com, Inc. "Amazon.com Announces Third Quarter Results." Press release, Exhibit 99.1 to Form 8-K, October 29, 2026.
American Nuclear Society. "Constellation seeks FERC help with Crane restart." Nuclear Newswire, April 3, 2026.
Anthropic, PBC. Form S-1/A (Amendment No. 1), Registration No. 333-299633. Filed November 2, 2026.
Anthropic, PBC. SEC EDGAR filing index (CIK 0002130357). Retrieved November 6, 2026.
Anthropic. "Anthropic files S-1 with the SEC for proposed initial public offering." Anthropic News, October 26, 2026.
Anthropic. "Anthropic raises $124 million to build more reliable, general AI systems." Anthropic News, May 28, 2021.
Anthropic. "Anthropic raises $13B Series F at $183B post-money valuation." Anthropic News, September 2, 2025.
Anthropic. "Anthropic raises $65 billion Series H at $965 billion post-money valuation." Anthropic News, May 28, 2026.
Anthropic. "Expanding our use of Google Cloud TPUs and Services." Anthropic News, October 23, 2025.
Anthropic. "Microsoft, NVIDIA, and Anthropic announce strategic partnerships." Anthropic News, November 18, 2025.
Anthropic. "Powering the next generation of AI development with AWS." Anthropic News, November 22, 2024.
Arizona Luminaria. "Tucson City Council rejects Project Blue amid intense community pressure." Arizona Luminaria, August 6, 2025.
Associated Press. "Nvidia becomes first $5 trillion company." Via Washington Times, October 29, 2025.
Bain & Company. "$2 Trillion in New Revenue Needed to Fund AI's Scaling Trend." Press release, September 23, 2025.
Ball, James. "What happens when the AI bubble bursts?" Transformer, October 16, 2025.
Benzinga. "CoreWeave Stock Gets Hammered by Debt Fears, Analyst Says There's More to the Story." Benzinga, October 2026.
Bickel, Joshua A., and Julie Carr Smyth. "Trump officials announce 10-gigawatt data center, gas plants for former Ohio uranium site." Associated Press, via Yahoo News, March 20, 2026.
Bloom, Hanna. "By-right data centers eliminated in Loudoun; existing applications grandfathered." Loudoun Now, March 19, 2025.
Bloomberg. "How SoftBank's Son Bounced Back After the Dot-Com Crash." Bloomberg, October 11, 2017.
Bloomberg. "Nvidia Hits $4 Trillion Value as Rally Notches Another Milestone." Bloomberg, July 9, 2025.
Bloomberg. "Nvidia Touches $1 Trillion Mark After Beating Rivals to AI." Bloomberg, May 30, 2023.
BuiltIn. "Anthropic raises $30B Series G at $380B valuation." BuiltIn, February 12, 2026.
Cahn, David. "AI's $200B Question." Sequoia Capital, September 20, 2023.
Cahn, David. "AI's $600B Question." Sequoia Capital, June 20, 2024.
Capoot, Ashley, Jordan Novet, et al. "Anthropic IPO live updates: AI lab's S-1 filing." CNBC, October 26, 2026.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
Citizens Utility Board. "CUB Q-and-A: Another capacity auction, more bad news." Blog, July 31, 2025.
Claburn, Thomas. "OpenAI wants to blow through $500B on AI infrastructure for itself, with help from pals." The Register, January 22, 2025.
Clarion Energy. "AWS acquires data center campus connected to Susquehanna nuclear station." Power Engineering, March 5, 2024.
CNBC / Bloomberg. "OpenAI closes funding round at an $852 billion valuation." CNBC, March 31, 2026.
CNBC. "'Big Short' investor Michael Burry accuses AI hyperscalers of artificially boosting earnings." CNBC, November 2025.
CNBC. "Anthropic tells investors annualized revenue run rate climbed to $65 billion in July." CNBC, August 17, 2026.
CNBC. "CoreWeave shares slump nearly 10% in second day of trading." CNBC, via NBC Los Angeles, March 31, 2025.
CNBC. "Elon Musk sues OpenAI and CEO Sam Altman over contract breach." CNBC, via NBC News, March 1, 2024.
CNN / CNBC. "Elon Musk bashes the $500 billion AI project Trump announced, claiming its backers don't have the money." CNN, via KVIA, January 22, 2025.
Cobler, Paul. "Texas pauses environmental permit approval for data centers." Texas Tribune, September 21, 2026.
Coffman, K. G., and A. M. Odlyzko. "Growth of the Internet." AT&T Labs–Research, July 6, 2001. Published in Optical Fiber Telecommunications IV B, 2002.
Constellation Energy. "Constellation to Launch Crane Clean Energy Center, Restoring Jobs and Carbon-Free Power to The Grid." Press release, September 20, 2024.
Contrary Research. "Too Much Spend, Too Little Benefit." July 20, 2024.
Converge Digest. "xAI activates Project Colossus in Memphis with 100K H100 GPUs." Converge Digest, September 2024.
CoreWeave, Inc. Prospectus, Form 424(b)(4). Filed March 31, 2025.
Court of Appeals of Virginia. Board of County Supervisors of Prince William County v. Oak Valley Homeowners Ass'n, Record Nos. 1590-25-4, 1584-25-4 and 1592-25-4. Published opinion, March 31, 2026.
Damodaran, Aswath. "The Anthropic IPO Arrives: My (but not the) Anthropic Valuation!" Musings on Markets, October 28, 2026.
Data Center Coalition and PwC. "Economic Contributions of Data Centers in the United States, 2017–2023." February 2025.
Data Center Knowledge. "Musk, Altman Spar Over $100B AI Venture Hyped by Trump." Data Center Knowledge, January 2025.
DatacenterDynamics. "Crusoe tops out final building at OpenAI Stargate data center campus in Abilene, Texas." DCD, 2026.
DatacenterDynamics. "Oracle/OpenAI drop plans to expand flagship Abilene Stargate site, Meta in talks to pick up Crusoe capacity with Nvidia's help." DCD, March 2026.
De Chant, Tim. "xAI is facing a lawsuit for operating over 400 MW of gas turbines without permits." TechCrunch, June 18, 2025.
Dealroom. "Anthropic's $124M Series A came almost entirely from tech founders, not VCs." Dealroom, 2021.
Del Deo, Nick. "CoreWeave: Deserve's Got Nothing to Do with It." MoffettNathanson, October 19, 2026.
Del Deo, Nick. "CoreWeave: Life in the Fast Lane; Initiating Coverage at Neutral, $43 TP." MoffettNathanson, May 5, 2025.
Del Deo, Nick. "CoreWeave: No Country for Old Megawatts… A Close Look at CoreWeave's Data Center Portfolio and Strategy." MoffettNathanson, June 17, 2025.
Del Deo, Nick. "Data Centers: Jevons Paradox, Underlying Multiples, and Value Creation Potential." MoffettNathanson, February 5, 2025.
Del Deo, Nick. "Digital Infrastructure: What Can the Telecom Bubble Teach Us about Risks Associated with the AI Boom?" MoffettNathanson, October 6, 2025.
Del Deo, Nick, and Chris Chae. "CoreWeave Q2 2026 Earnings: Demand and Pricing." MoffettNathanson, August 11, 2026.
Del Deo, Nick, and Chris Chae. "CoreWeave: Is the Sell-Off an Opportunity, a Sign of Things to Come, or Neither?" MoffettNathanson, December 1, 2025.
Del Deo, Nick, and Chris Chae. "Data Centers: Do ROIC Trends Match the Narrative of the AI Boom?" MoffettNathanson, April 13, 2026.
Del Deo, Nick, and Chris Chae. "Data Centers: What Does a Value per MW Analysis Suggest About the Appeal of the Names?" MoffettNathanson, December 12, 2025.
Del Deo, Nick, and William Hunt. "U.S. Data Centers: Bulls vs. Bears in a Time of Record Demand." MoffettNathanson, February 12, 2024.
Del Deo, Nick, Craig Moffett, and Cathy Yao. "Dark Fiber and Towers: Batman vs. Superman, or 'You're No Jack Kennedy.'" MoffettNathanson, October 14, 2014.
Delaware Code. Title 8, Chapter 1, Subchapter XV, § 362, "Public benefit corporation defined; contents of certificate of incorporation." Accessed November 6, 2026.
Dziadkowiec, Jakub. "Why did Apple Stock Hit an All-Time High Amid US Stock Market Crash?" BeInCrypto, via Yahoo Finance, November 5, 2026.
Earthjustice. "NAACP Sues xAI for Illegal Pollution from Data Center Power Plant." Press release, April 14, 2026.
Ehsan, Omor Ibne. "Nvidia Took Back the World's Biggest Company Title From Apple on Election Day." 24/7 Wall St., November 4, 2026.
EXDS, Inc. "Second Amended Disclosure Statement with Respect to Second Amended Joint Plan of Reorganization of EXDS, Inc. and Its Debtor Affiliates." Case No. 01-10539 (SLR), U.S. District Court for the District of Delaware. Exhibit to Form 8-K. Filed May 3, 2002.
Exodus Communications, Inc. Form 10-K for the fiscal year ended December 31, 1999. Filed with the SEC, 2000.
Fortune. "Elon Musk bashes Trump-backed $500 billion AI mega project." Fortune, January 23, 2025.
Gas Processing News. "GE Vernova expects 80 GW of gas turbine contracts by year's end." Gas Processing News, December 2025.
Georgia Recorder / Axios Atlanta. "Democrats flip two seats on the Georgia Public Service Commission." Axios Atlanta, November 5, 2025.
Goldman Sachs Global Macro Research. "Gen AI: Too Much Spend, Too Little Benefit?" Top of Mind, Issue 129, June 25, 2024.
Google Inc. Form 10-K for the fiscal year ended December 31, 2004. Filed with the SEC March 30, 2005.
Hafner, Katherine. "Unprecedented energy demand from data centers poses big challenges for Virginia, commission says." VPM/WHRO, December 10, 2024.
Harris, Bracey, Jon Gerberg, and Stephanie Gosk. "Musk's xAI Colossus supercomputer in Boxtown, Memphis." NBC News, May 15, 2025.
Hsu, Jeremy. "When it all comes crashing down: The aftermath of the AI boom." Bulletin of the Atomic Scientists, December 5, 2025.
Hu, Krystal. "ChatGPT sets record for fastest-growing user base - analyst note." Reuters, via The Star, February 2, 2023.
IANS. "S&P turns negative on Meta credit-rating outlook over AI spending concerns." Via Morung Express, October 31, 2026.
Industrial Info / The Register. Coverage of Oracle's fiscal first-quarter 2026 results. September 9–10, 2025.
International Energy Agency. "AI is set to drive surging electricity demand from data centres while offering the potential to transform how the energy sector works." Press release, April 10, 2025.
International Energy Agency. Energy and AI. April 10, 2025.
Investing.com. "DA Davidson cuts CoreWeave stock rating to underperform." Investing.com, May 15, 2025.
Jaffe, Mark. "Xcel wants to power Colorado's data centers. Will the demand be there?" Colorado Sun, August 18, 2025.
Jenkins, Lisa Martine. "Studies say data centers don't raise rates. Does it matter?" Latitude Media, June 24, 2026.
Juricic, Louis. "Anthropic IPO valuation discussions fall to $1.3 trillion, Bloomberg reports." Investing.com, November 6, 2026.
Khaleej Times / Reuters. "Oracle's OpenAI reliance faces scrutiny as debt-fuelled AI buildout raises worries." Khaleej Times, 2025–2026.
Lee, Jane Lanhee, et al. "Nvidia's strong forecast calms AI bubble jitters, for now." Reuters, via The Daily Star, November 20, 2025.
Leswing, Kif. "Nvidia passes Apple in market cap as second-most valuable public U.S. company." CNBC, via NBC News, June 5, 2024.
Leverage Shares. "Anthropic IPO Tracker: Date, Valuation and S-1 Status." Accessed November 6, 2026.
Levy, Marc. "Data centers took a beating in the midterm elections." Associated Press, via ABC News, November 6, 2026.
Loudoun County, Virginia. "Data Centers: The Loudoun Story." Loudoun County Government. Accessed November 6, 2026.
Mann, Tobias. "Meta convinces Blue Owl to cut $30B check for its Hyperion AI super cluster." The Register, October 17, 2025.
Meta Platforms, Inc. "Meta Reports Third Quarter 2026 Results." Press release, Exhibit 99.1 to Form 8-K, October 21, 2026.
Microsoft Corporation. "Microsoft and OpenAI extend partnership." Microsoft Corporate Blogs, January 23, 2023.
Microsoft Corporation. "The next chapter of the Microsoft–OpenAI partnership." Microsoft Official Blog, October 28, 2025.
Microsoft Corporation. Form 10-K for the fiscal year ended June 30, 2022. Filed with the SEC July 28, 2022.
MIT Project NANDA. The GenAI Divide: State of AI in Business 2025. July 2025.
MoffettNathanson. "Alphabet: Are They Making the Wrong Bets?" MoffettNathanson, September 16, 2026.
Novet, Jordan. "CoreWeave stock pops 14% as revenue doubles on accelerating AI infrastructure demand." CNBC, August 11, 2026.
Novet, Jordan. "Microsoft (MSFT) Q1 earnings report 2027." CNBC, October 28, 2026.
NVIDIA Corporation. "Corporate Timeline." NVIDIA. Accessed November 6, 2026.
NVIDIA Corporation. "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024." Press release, Exhibit 99.1 to Form 8-K, February 21, 2024.
NVIDIA Corporation. "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025." Press release, Exhibit 99.1 to Form 8-K, February 26, 2025.
NVIDIA Corporation. "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026." Press release, Exhibit 99.1 to Form 8-K, February 25, 2026.
NVIDIA Corporation. "NVIDIA Announces Financial Results for Second Quarter Fiscal 2027." Press release, Exhibit 99.1 to Form 8-K, August 26, 2026.
NVIDIA Corporation. Form 10-K for the fiscal year ended January 26, 2020. Filed with the SEC February 20, 2020.
NVIDIA Corporation. Form 10-K for the fiscal year ended January 29, 2017. Filed with the SEC March 1, 2017.
NVIDIA Corporation. Form 10-K for the fiscal year ended January 29, 2023. Filed with the SEC February 24, 2023.
NVIDIA Corporation. Form 10-K for the fiscal year ended January 31, 2016. Filed with the SEC March 17, 2016.
NVIDIA Corporation. Form 10-K for the fiscal year ended January 31, 2021. Filed with the SEC February 26, 2021.
NVIDIA. "Computex 2025: Jensen Huang keynote." NVIDIA Blog, May 18, 2025.
NYU Stern School of Business. "Aswath Damodaran." Faculty biography. Accessed November 6, 2026.
O'Brien, Isabel. "Texas Gov. Abbott orders data center permit halt weeks after issuing moratorium." CNBC, September 21, 2026.
O'Brien, Matt, and Hannah Fingerhut. "AI chatbot ChatGPT's water use." Associated Press, via Fortune, September 9, 2023.
O'Donnell, James. "Texas was the new epicenter of the AI data center buildout. That might be kaput." MIT Technology Review, November 4, 2026.
O'Kane, Sean. "Elon Musk's SpaceX officially acquires Elon Musk's xAI, with plan to build data centers in space." TechCrunch, February 2, 2026.
Odlyzko, Andrew. "Internet growth: Myth and reality." Talk slides, University of Minnesota, c. 2000–2010.
Office of the Texas Governor. "Governor Abbott, Google Announce $40 Billion Investment In Texas." Press release, November 14, 2025.
Oracle Corporation. Forms 10-Q and 10-K, XBRL data (remaining performance obligations; debt carrying amount), fiscal 2024–2027. SEC EDGAR.
Picker, Leslie, and Jordan Novet. "CoreWeave prices IPO at $40 a share, below expected range." CNBC, via NBC Chicago, March 27, 2025.
PJM Interconnection. "2028/2029 Base Residual Auction Report." July 14, 2026.
PJM Interconnection. "PJM Auction Procures 134,479 MW of Generation Resources." News release, December 17, 2025.
PJM Interconnection. "Who We Are." Accessed November 6, 2026.
Potomac Local. "QTS Withdraws Supreme Court Appeal, Ending Proposed Digital Gateway Data Center Project." Potomac Local, July 3, 2026.
Power Engineering. "FERC rejects amended interconnection agreement for Amazon data center at Susquehanna nuclear plant." Power Engineering, November 2024.
Public Utilities Commission of Ohio. Commission meeting minutes, July 9, 2025.
Public Utilities Commission of Ohio. Press release on Case No. 24-508-EL-ATA, July 9, 2025.
Rand, Joseph, et al. Queued Up: 2026 Edition. Lawrence Berkeley National Laboratory, June 2026.
Randewich, Noel, and Utkarsh Hathi. "Nasdaq posts biggest daily drop in 19 months on fears of AI regulations." Reuters, via Investing.com, November 5, 2026.
Renewable Energy World. "Ohio utility regulators approve AEP's contested data center tariff proposal." Renewable Energy World, July 2025.
S&P Global Commodity Insights. "Amazon signs deals to help spur new small nuclear reactors in Virginia, Washington." October 16, 2024.
SEC EDGAR. XBRL company-concept data, purchases of property and equipment (Alphabet, Amazon, Meta, Microsoft). Retrieved November 6, 2026.
Sharwood, Simon. "Meta reveals plan for several multi-gigawatt datacenter clusters." The Register, July 15, 2025.
Shehabi, Arman, et al. 2024 United States Data Center Energy Usage Report. Lawrence Berkeley National Laboratory, LBNL-2001637, December 2024.
Sigalos, MacKenzie. "Voters rebuff data centers in every ballot measure except one during the 2026 midterms." CNBC, November 4, 2026.
Snider, Shane. "Judge derails xAI bid to dismiss data center turbine case." TechTarget, November 2, 2026.
Southern Environmental Law Center, on behalf of the NAACP. Letter to xAI Corp. et al., "Notice of Intent to Sue for Violations of the Clean Air Act." June 17, 2025.
Southern Environmental Law Center. "Groups appeal permit for xAI's South Memphis data center, decisions around unpermitted methane gas turbines." Press release, July 16, 2025.
Sun, Leo. Article on CoreWeave stock ("down 53%"). The Motley Fool, September 21, 2026.
Talen Energy / American Public Power Association. "Talen Energy Expands Nuclear Energy Relationship with Amazon." June 11, 2025.
TechRadar. Coverage of the Nvidia–OpenAI letter of intent. TechRadar, September 2025.
Techstrong.ai. "Michael Burry alleges accounting irregularities at hyperscalers." Techstrong.ai, November 2025.
The Daily Upside. "Goldman's $1T AI Problem." The Daily Upside, July 15, 2024.
The Lens. "Meta triples order of gas-fired power plants for its AI campus in Louisiana." The Lens, March 30, 2026.
Thomas, Merin Rebecca. "Anthropic's $1.5 Trillion IPO Valuation Is Facing Pushback. The November Listing Could Be Delayed." International Business Times, November 6, 2026.
Thomson, Iain. "OpenAI's Stargate project to pave the world with AI datacenters announces five new US locations." The Register, September 24, 2025.
Tom's Hardware. "OpenAI signs 6GW AMD GPU deal." Tom's Hardware, October 6, 2025.
Trefis. "What Is Driving The Fall In CoreWeave Stock?" Trefis, via Yahoo Finance, November 5, 2026.
U.S. Federal Energy Regulatory Commission. "Order Rejecting Amendments to Interconnection Service Agreement." PJM Interconnection, L.L.C., 189 FERC ¶ 61,078, Docket Nos. ER24-2172-000 and ER24-2172-001, November 1, 2024.
U.S. House of Representatives, Committee on Government Reform, Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs. Kyoto and the Internet: The Energy Implications of the Digital Economy. Hearing, 106th Cong., 2nd sess., February 2, 2000. Serial No. 106-125.
U.S. House of Representatives, Committee on Oversight and Government Reform, Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs. America's AI Moonshot: The Economics of AI, Data Centers, and Power Consumption. Hearing, 119th Cong., 1st sess., April 1, 2025. Serial No. 119-15.
U.S. Nuclear Regulatory Commission. "Backgrounder on the Three Mile Island Accident." Accessed November 6, 2026.
U.S. Senate, Committee on Energy and Natural Resources. Hearing to Identify Challenges to Meeting Increased Electricity Demand. S. Hrg. 119-125, 119th Cong., 1st sess., July 23, 2025.
Utility Dive. "Texas law gives grid operator power to disconnect data centers during crisis." Utility Dive, June 2025.
Vigliarolo, Brandon. "Boy riding bubble realizes what he's on, asks for more air." The Register, August 15, 2025.
Virginia Joint Legislative Audit and Review Commission. Data Centers in Virginia. Report 598. Richmond, December 9, 2024.
Weissberger, Alan. "Big tech spending on AI data centers and infrastructure vs the fiber optic buildout during the dot-com boom (& bust)." IEEE ComSoc Technology Blog, September 27, 2025.
Wheatley, Mike. "Amazon's stock falls after upping fiscal 2026 spending forecast to $200B." SiliconANGLE, February 5, 2026.
White & Case. "Executive Order 14318: Accelerating Federal Permitting of Data Center Infrastructure." July 23, 2025.
Williams, Sean. "Only 2 Stocks Have a Higher Credit Rating Than the U.S. Government." The Motley Fool, August 14, 2023.

Chapter IX: Before Midnight#

AEP Ohio. "Data Center Tariff." AEP Ohio. Accessed November 6, 2026.
Anthropic, PBC. Form S-1/A (Amendment No. 1), Registration No. 333-299633. Filed November 2, 2026.
Caruso, Dan. Bandwidth: The Untold Story of Ambition, Deception, Innovation That Shaped the Internet Age and the Dot Com Boom. 2024.
CoreWeave, Inc. Prospectus, Form 424(b)(4). Filed March 31, 2025.
Del Deo, Nick. "Blackstone Digital Infrastructure Trust: 90 Cents on the Dollar." MoffettNathanson, October 1, 2026.
Del Deo, Nick. "CoreWeave: Deserve's Got Nothing to Do with It." MoffettNathanson, October 19, 2026.
Del Deo, Nick. "Digital Infrastructure: What Can the Telecom Bubble Teach Us about Risks Associated with the AI Boom?" MoffettNathanson, October 6, 2025.
Del Deo, Nick, and Chris Chae. "CoreWeave: Is the Sell-Off an Opportunity, a Sign of Things to Come, or Neither?" MoffettNathanson, December 1, 2025.
Del Deo, Nick, and Chris Chae. "Data Centers: Brushing Up Ahead of Potential IPOs." MoffettNathanson, October 7, 2026.
Del Deo, Nick, and Chris Chae. "Data Centers: Do ROIC Trends Match the Narrative of the AI Boom?" MoffettNathanson, April 13, 2026.
Del Deo, Nick, and Chris Chae. "Digital Realty Q3 2026 Earnings: Big." MoffettNathanson, October 29, 2026.
Del Deo, Nick, and Chris Chae. "Equinix Q3 2026 Earnings: The Big Leagues." MoffettNathanson, October 28, 2026.
Digital Realty Trust. "Digital Realty Reports Third Quarter 2026 Results." Press release, October 29, 2026.
EXDS, Inc. "Second Amended Disclosure Statement with Respect to Second Amended Joint Plan of Reorganization of EXDS, Inc. and Its Debtor Affiliates." Case No. 01-10539 (SLR), U.S. District Court for the District of Delaware. Exhibit to Form 8-K. Filed May 3, 2002.
Exodus Communications, Inc. Form 10-K for the fiscal year ended December 31, 1999. Filed with the SEC, 2000.
Public Utilities Commission of Ohio. Commission meeting minutes, July 9, 2025.
Shehabi, Arman, Sarah Smith, Dale Sartor, Richard Brown, Magnus Herrlin, Jonathan Koomey, Eric Masanet, Nathaniel Horner, Inês Azevedo, and William Lintner. United States Data Center Energy Usage Report. LBNL-1005775. Berkeley, CA: Lawrence Berkeley National Laboratory, June 2016.
U.S. House of Representatives, Committee on Government Reform, Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs. Kyoto and the Internet: The Energy Implications of the Digital Economy. Hearing, 106th Cong., 2nd sess., February 2, 2000. Serial No. 106-125.
U.S. House of Representatives, Committee on Oversight and Government Reform, Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs. America's AI Moonshot: The Economics of AI, Data Centers, and Power Consumption. Hearing, 119th Cong., 1st sess., April 1, 2025. Serial No. 119-15.
Virginia Joint Legislative Audit and Review Commission. Data Centers in Virginia. Report 598. Richmond, December 9, 2024.

Chapter I: The Glass House#

Chapter II: Where the Networks Meet#

Chapter III: The Hosting Gold Rush#

Chapter IV: Empty Floors#

Chapter V: The Phoenix#

Chapter VI: The Cloud Eats the Building#

Chapter VII: The Reconsolidation#

Chapter VIII: The AI Gold Rush#

Chapter IX: Before Midnight#

In this chapter

Front matter

The story

Back matter