Subsea Cables & Internet Infrastructure

 META Loses $310 Billion In Stock Value In March: The AI Meltdown Begins In March alone META's market cap fell $310 billion driven by poor financial performance. The key metric is free cash flow, which equals cash profits minus capital expenditures. In the end free cash flow is what investors want, namely oney they could put in their pockets without impairing company operations. META's free cash flow is expected to be only $8 billion this year down from a 2025 figure of $46 billion. The company's massive AI investments are not yielding much revenue and hence are driving free cash flow to zero.  Unfortunately, the emerging AI crash will affect our industry. I anticipate the very expensive Waterworth project could be cancelled as well as other projects. AI is Zuckerberg's second big mistake. The Metaverse was his first. He only remains CEO because he is the majority owner of a special class of voting shares that gives him ten votes per share versus one vote per share for ...

The Real Lessons of Iran's Attacks on AWS Data Centers 1. The Middle East is fundamentally unstable. The entire region is bedeviled by historic conflicts based on religious divisions (Shiite, Sunni, Christian, and Jewish), distrust between Europe and Islam going back to the Crusades and the Ottoman Empire, a lack of strong independent institutions, weak rule of law, lack of democratically legitimate governments, and limited acceptance of the notion of secularism (the idea that religion and government should be strictly separate to maximize freedom and ensure equal treatment). Even the so-called benevolent monarchies that border the Persian Gulf have absolute power and absolute power always corrupts in the end. Monarchies are outdated institutions. Don't imagine or suggest otherwise. Recent governments in the region have promised stability and peace, but extremism abounds. Israel's ethnic cleansing in Gaza, Afghanistan's repression of women, Trump's foolish acts of a...

Bevan Slattery likes to build things. His latest project, scheduled for a 2028 RFS, is the16 fibre pair APX-EAST cable linking Australia to the US. Bevan is Subco's CEO, one of the few successful private cable sea builders and operators. Previous projects include the OMAN to Australia system. The US Pentagon was the anchor tenant on that cable. Subco is a consortium member of the relatively low capacity, but important Indigo West cable linking Singapore to Perth and Sydney.  APX-EAST is designed to be fully powered by either end point. This is a resilience feature that should appeal to hyperscalers looking to take capacity on the system. I believe Google's Firmina also can be fully powered from either end point as well. Might not be a coincidence.  But the most striking feature is the lack of optical regeneration. Let's be clear. This cable is repeatered. It will use optical amplifiers like all other repeatered systems. Optical regeneration in this context means landing the...

Red Sea capacity is tight. Buy now or your boss will beat you. 😀 One year term. You order cross connects. 

The agency (SUPO) released their 2026 National Review a few days ago: https://supo.fi/en/growing-tensions-in-the-baltic-sea . It stated that Russia has not engaged in sabotage against Finland. The agency did not qualify that statement in any respect. So in their view there is no evidence that sabotage is responsible for outages of power or fibre optic cables landing in Finland. The majority of the Baltic Sea cable outages have involved Finland. 1. The agency notes that Russia sabotaging cables would not be in its self-interest as it might jeopardize the Baltic Sea freedom of navigation crucial to its war effort. "According to the SUPO’s assessment, Russia is making every effort to safeguard its opportunities to practise free shipping. The country will not take any voluntary risks that could deteriorate its freedom of navigation. To Russia, the Baltic Sea is also an undersea channel to the West: most of the network traffic from Russia to the West is transmitted via c...

A point: San Jose Equinix. Z point: Ashburn Equinix. Service: 2x 100G Waves. Routing: Fully Diverse. Term: 3 Years. Total MRC: $5,500