Updated README for no. 1

README.md

@@ -41,10 +41,10 @@ The notes themselves are published at [threadbaire.com/blog/posts/compute-watch.
 
 ## Current status
 
-- **Latest note:** No. 0, The Baseline (6 October 2026). [Read it](https://threadbaire.com/blog/posts/compute-watch-00.html).
-- **Test:** inactive. The shortage is not yet easing (memory index at 100, the baseline).
-- **Premium (B200 ÷ H100):** 2.12× on Silicon Data, 2.99× on Ornn.
-- **Next note:** No. 1, 2 November 2026.
+- **Latest note:** No. 1, Rents Up, Memory Barely Moved (2 November 2026). [Read it](https://threadbaire.com/blog/posts/compute-watch-01.html).
+- **Test:** inactive. The shortage is not easing (memory index at 101.6, against 100 at the baseline).
+- **Premium (B200 ÷ H100):** 2.22× on Silicon Data (was 2.12×), 3.13× on Ornn (was 2.99×).
+- **Next note:** No. 2, 1 December 2026.
 
 *This block is replaced with each note. Earlier states are in `observations.csv` and in this repository's commit history.*
 
@@ -71,7 +71,7 @@ The rules do not change. Known confounds (new workloads running on older chips;
 | `ladder.csv`       | chip per note      | Each chip generation's rent relative to the H100             |
 | `events.csv`       | dated event        | What happened in the market around each note, in plain words, with a source |
 | `lifespans.csv`    | company per filing | Server lifespans stated in owners' annual reports            |
-| `loans.csv`        | disclosed deal     | Terms of disclosed chip-backed borrowing                     |
+| `loans.csv`        | disclosed deal     | Terms of disclosed AI-infrastructure borrowing, with the type of each loan |
 | `notes/no-XX.md`   | note               | Structured reasoning: what changed, what it might mean, where sources disagree, test status |
 
 ### Column notes
@@ -80,6 +80,7 @@ The rules do not change. Known confounds (new workloads running on older chips;
 - **`gddr6_rebased`** is Silicon Data's GDDR6 index set to 100 at the 2 October 2026 baseline. GDDR6 is graphics memory, not the HBM inside data-centre chips; it is used as a public reading of the wider memory shortage.
 - **`index_content_changes`** records changes in what an index contains (a new chip, new providers, a method change), so they are not mistaken for market moves.
 - **`causal_claim`** in `events.csv` is always `none`. Events are recorded because they might later show up in the numbers, not as explanations.
+- **`type`** in `loans.csv` says what the lender is relying on: the chips themselves, the whole company, or a tenant's lease payments. Only loans of the same type are comparable. The column was added in No. 1; the No. 0 row was given its type then.
 
 ### Terms
 
@@ -93,7 +94,7 @@ The rules do not change. Known confounds (new workloads running on older chips;
 ## Method
 
 - Both index pages are recorded on the same day each month, and a screenshot is kept for every reading.
-- Specialist-provider prices are used unless marked. The same H100 rents for about 2.6× more at the largest cloud companies.
+- Specialist-provider prices are used unless marked. The same H100 rents for more than twice as much at the largest cloud companies (2.60× at No. 0, 2.44× at No. 1).
 - Lifespans and loan terms change only when a new filing or deal is disclosed; rows are added, never edited.
 - Corrections are made in a new commit with a note in the relevant `notes/` file.
 
@@ -105,7 +106,7 @@ Reader contributions about what people pay for compute are never included in raw
 
 ## Sources
 
-The indexes are [Silicon Data GPU Rental Price Indices](https://www.silicondata.com/products/silicon-index) and the [Ornn Compute Price Index](https://data.ornn.com/markets). Every row in `events.csv`, `lifespans.csv` and `loans.csv` carries its own source link.
+The indexes are [Silicon Data GPU Rental Price Indices](https://www.silicondata.com/products/silicon-index) and the [Ornn Compute Price Index](https://data.ornn.com/markets). Their methods: [Silicon Data](https://www.silicondata.com/documents/silicon-data-index-methodology.pdf), [Ornn](https://data.ornn.com/methodology). Every row in `events.csv`, `lifespans.csv` and `loans.csv` carries its own source link.
 
 ## Citation