About Two Tides Research
One writer, a rule about sources, and a policy about who pays. What this archive is for and how each number gets checked.
Marco Wade writes Two Tides, a weekly letter on the compute supply chain between Asia and the West, and keeps this archive. The letter grew out of interview notes from people who buy, price and operate compute capacity — conversations that were useful precisely because they were not on the record.
What this site is
A public data layer for the letter. Each page takes one question that comes up repeatedly — what a gigawatt earns, what take-or-pay means, what a company actually disclosed — and answers it with numbers that can be checked against a document. The argument, the interviews and the things that did not fit on a page live in the letter.
How the numbers are made
Three rules, applied in this order. Primary documents first: filings, rate cards, S-1s, court records and regulatory decisions, read rather than summarised. Named sources where possible: published estimates are attributed to whoever published them, including when they turn out to be the reason a figure is wrong. Anonymised where necessary: people who price and sign contracts are usually still employed by the companies doing the signing, so their numbers are published and their names are not.
Estimates are labelled as estimates. When a figure rests on a single source, the page says so. Where a number cannot be verified, it does not appear.
Editorial policy
No sponsored research. Nothing on this site or in the letter is paid for by a company covered by it. There are no affiliate links, referral fees or advisory seats at covered companies.
Corrections are published. If a number is wrong, it is corrected in place with a dated note, not quietly edited. The errors are often more instructive than the original claim, which is why the $110 billion figure is still discussed on the flagship page rather than deleted.
Drafting tools are disclosed. Research, source reading and verification are the author's. Software helps with structure and copy-editing; every figure is checked against its source before publication, and responsibility for what is published is the author's.
Not investment advice. Nothing here is a recommendation to buy or sell any security, or a valuation of any company.
The publisher
Two Tides Research is published by Quorsio Technologies LLC, a limited liability company organized in Wyoming, United States (File #2026-002102167). Contact: hello@quorsio.com, or use the contact form. Advisory work is described at /advisory/.