{
  "generatedAt": "2026-10-22T16:04:11Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "daniel-romero",
  "name": "Daniel Romero",
  "role": "HyperTech Invest",
  "url": "https://deepstack.ltd/people/daniel-romero/",
  "api": "https://deepstack.ltd/api/v1/entities/people/daniel-romero.json",
  "summary": "Daniel Romero is named in 10 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 6 (Scarcity as a moat), Part 8 (The cash has to triple), Part 10 (Everyone, soon), Part 11 (Funded, not forecast), Part 11 (Shipping is not earning), Part 11 (Voices that cross sides).",
  "parts": [
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "headline": "Oil Is the Headline. The Real Yield Is the Bill.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 5,
      "section": "The margin test",
      "excerpt": "Daniel Romero, writing on the AI selloff, supplies the objection that matters.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "section": "The Call",
      "excerpt": "Jeremie Eliahou Ontiveros’s $100bn-per-GW-year calculation is powerful, but Daniel Romero’s depreciation objection attacks the exact period that makes it look so good.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Daniel Romero estimates that Nvidia will sell about 90,000 NVL72 racks during 2027.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "section": "The test is demand",
      "excerpt": "Daniel Romero concedes that power is scarce today but may not remain equally scarce indefinitely; if demand falls while supply catches up, interconnections could be worth much less by 2035.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "Daniel Romero says Treasuries above 5% weigh on financing and stocks more heavily than at any point in 15 years, pointing to a semiconductor index fall of 30% while oil rallied 35%.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "Daniel Romero disclaims any view that the buildout cannot last.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "Daniel Romero works from the labs’ end.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Daniel Romero puts OpenAI and Anthropic at a combined annual run rate near $105 billion in July, about $40 billion and $65 billion respectively, and says the line to watch is $400 billion by the end of 2027.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "section": "Shipping is not earning",
      "excerpt": "Daniel Romero's Group Up, in his September 16 portfolio update, added capacity too slowly and saw its ramp slip to the end of 2028, so Romero expects margins to erode until the new factory reaches volume.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "section": "The filing sets the price",
      "excerpt": "Daniel Romero's September 21 arithmetic lands against Market Sentiment the same way: a one-year payback on the 2027 buildout would need $2.71 trillion to $3.26 trillion of lab revenue.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "section": "The buyers have not paid yet",
      "excerpt": "Daniel Romero counted on September 21 that a one-year payback on a hypothetical 2027 buildout would take $1.9 trillion to $2.28 trillion a year in compute payments.",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 15,
      "section": "The two shocks compound",
      "excerpt": "Daniel Romero of HyperTech Invest recounted on September 21 a stretch in which oil rallied 35% while semiconductor shares fell 30%.",
      "url": "https://deepstack.ltd/stories/oil-is-the-headline-the-real-yield-is-the-bill/"
    }
  ],
  "sides": [
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-moat",
      "sideLabel": "Scarcity as a moat",
      "claim": "The mismatch between how quickly compute can improve and how slowly physical infrastructure can be built is what drives the investment case for data-center stocks, because interconnection, transformers, turbines, generation, transmission, and…",
      "date": "2026-08-28",
      "url": "https://hypertechinvest.com/p/the-safest-bet-in-the-ai-buildout",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-moat",
      "sideLabel": "Scarcity as a moat",
      "claim": "Power is a key bottleneck in AI because rack power is rising sharply while grids, substations, transformers, and generation take years to expand.",
      "date": "2026-08-28",
      "url": "https://hypertechinvest.com/p/the-safest-bet-in-the-ai-buildout",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "Using a model assuming equipment costs rise to $100 billion per GW by 2030, five-year equipment cost recovery, 25-year site cost recovery, a 15% annual return on invested capital, and a 65% cloud operating margin, AI labs would need to reach $6.8…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "Daniel Romero states they are not arguing the buildout is unsustainable, but that one-year compute paybacks will probably become the exception rather than a baseline assumption, possibly dependent on specific timing and shortages, and that 2026…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "He is already highly concentrated in AI, mostly in power plays, memory, and AMD, and believes that even if the AI trade stays strong, other segments could possibly perform better, which is why he has started diversifying into semicaps.",
      "date": "2026-10-01",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Group Up added capacity too slowly, which will limit growth for the next two years, and with the production ramp slipping to the end of 2028 plus the largest company-wide salary increase in its history amid a Taiwanese engineer shortage, there may…",
      "date": "2026-09-16",
      "url": "https://hypertechinvest.com/p/portfolio-update-part-2",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Among the three memory names Daniel Romero holds, only Samsung is rated a Buy, because of foundry, advanced packaging, new memory architectures, unique vertical integration for base dies versus SK hynix, and because it is the cheapest of the three…",
      "date": "2026-09-16",
      "url": "https://hypertechinvest.com/p/portfolio-update-part-2",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "shipping-is-not-earning",
      "sideLabel": "Shipping is not earning",
      "claim": "Late capacity, margin squeeze until 2028.",
      "date": null,
      "url": "https://hypertechinvest.com/p/portfolio-update-part-2",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "HBM capacity exploding at TOWA, added too slowly at Group Up.",
      "date": null,
      "url": "https://hypertechinvest.com/p/portfolio-update-part-2",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    }
  ],
  "coverage": {
    "creators": 0,
    "claims": 889,
    "texts": 65,
    "asOf": "2026-10-22"
  },
  "lastUpdated": "2026-10-22"
}