May 11, 2026

A major oil company is seeking a state tax break in Texas worth hundreds of millions of dollars to build a massive power plant. The energy won’t be going to residential customers, though. Instead, the gas plant will be used to power a data center whose eventual tenant could be Microsoft. Chevron subsidiary Energy Forge…

Forgive me for starting with a cliché, a piece of finance jargon that has recently slipped into the tech lexicon, but I’m afraid I must talk about “moats.” Popularized decades ago by Warren Buffett to refer to a company’s competitive advantage, the word found its way into Silicon Valley pitch decks when a memo purportedly…