BEP Research reports that US construction spending is down 3.8% from a year ago.

BEP Research is an independent research publication covering AI infrastructure, semiconductors, and optical interconnects. Founded by Ben Pouladian — an electrical engineer, company builder, and long-term technology investor — BEP Research applies first-principles, system-level thinking to the AI compute stack. Most analysis in this space is siloed: hardware analysts cover chips, software analysts cover models. BEP Research bridges both — connecting silicon architecture, advanced packaging, memory hierarchy, software co-design, and deployment economics into a unified investment framework. This full-stack approach has been directly validated by engineering leadership at NVIDIA and resonates with readers who need to understand how the entire system fits together, not just individual components. Core research themes include the memory bandwidth wall and its architectural implications, hardware-software co-design as a durable competitive moat, optical interconnect economics, rack-scale inference architecture, and the capital allocation frameworks reshaping AI infrastructure buildout. Readership includes portfolio managers, semiconductor engineers, and technology investors at leading hedge funds and asset managers. Published on Substack at bepresearch.substack.com.