WEBVTT

1
00:00:00.000 --> 00:00:06.640
<v Cassidy>Nine-point-eight <00:00:00.780>billion <00:00:01.280>dollars, <00:00:02.300>fifteen <00:00:02.813>years, <00:00:03.740>one <00:00:03.980>gigawatt — <00:00:05.140>and <00:00:05.220>the <00:00:05.337>tenant <00:00:05.707>doesn't <00:00:05.952>have <00:00:06.200>a <00:00:06.368>name.

2
00:00:06.971 --> 00:00:09.691
<v Cassidy>This <00:00:07.984>is <00:00:08.111>the <00:00:08.331>AI <00:00:08.704>Daily <00:00:09.024>Briefing.

3
00:00:09.811 --> 00:00:14.411
<v Cassidy>Today: <00:00:10.831>a <00:00:11.017>crypto <00:00:11.344>miner's <00:00:11.824>Texas <00:00:12.171>campus <00:00:12.699>goes <00:00:12.958>fully <00:00:13.356>contracted

4
00:00:14.451 --> 00:00:18.251
<v Cassidy>the <00:00:14.704>UK <00:00:15.015>government <00:00:15.504>shows <00:00:15.851>up <00:00:16.038>on <00:00:16.131>a <00:00:16.221>startup's <00:00:16.711>cap <00:00:16.944>table <00:00:17.259>next <00:00:17.478>to <00:00:17.638>Bezos

5
00:00:18.411 --> 00:00:21.851
<v Cassidy>and <00:00:18.971>Zalando <00:00:19.601>quietly <00:00:20.155>bets <00:00:20.464>on <00:00:20.619>warehouse <00:00:21.154>robots.

6
00:00:22.051 --> 00:00:23.691
<v Cassidy>Let's <00:00:22.791>start <00:00:22.944>in <00:00:23.144>Texas.

7
00:00:24.915 --> 00:00:26.115
<v Cassidy>From <00:00:25.095>The <00:00:25.222>Globe <00:00:25.575>and <00:00:25.715>Mail:

8
00:00:26.669 --> 00:00:30.269
<v Quote>Hut <00:00:26.989>8 <00:00:27.509>a <00:00:27.595>crypto-mining <00:00:28.315>turned <00:00:28.722>AI <00:00:29.053>data <00:00:29.343>centre <00:00:29.609>company

9
00:00:30.317 --> 00:00:38.589
<v Quote>said <00:00:30.562>on <00:00:30.726>Monday <00:00:31.122>it <00:00:31.249>has <00:00:31.355>signed <00:00:31.709>a <00:00:31.835>second <00:00:32.189>15-year <00:00:32.962>lease <00:00:33.282>worth <00:00:33.602>US$9.8-billion <00:00:35.885>with <00:00:36.296>an <00:00:36.402>existing <00:00:36.880>investment-grade <00:00:37.691>customer

10
00:00:38.642 --> 00:00:42.429
<v Quote>fully <00:00:38.953>commercializing <00:00:39.749>its <00:00:39.949>1-gigawatt <00:00:40.726>Beacon <00:00:41.109>Point <00:00:41.366>campus <00:00:41.736>in <00:00:41.882>Texas.

11
00:00:42.928 --> 00:00:53.112
<v Cassidy>Hut <00:00:43.032>8's <00:00:43.398>Beacon <00:00:43.739>Point <00:00:44.125>is <00:00:44.285>fully <00:00:44.609>leased <00:00:45.032>now — <00:00:45.958>second <00:00:46.312>15-year <00:00:46.936>deal, <00:00:48.232>352 <00:00:48.744>more <00:00:48.932>megawatts, <00:00:49.792>and <00:00:50.172>the <00:00:50.299>whole <00:00:50.712>one-gigawatt <00:00:51.512>campus <00:00:52.045>is <00:00:52.232>contracted.

12
00:00:53.379 --> 00:01:03.592
<v Cassidy>If <00:00:53.958>Monday's <00:00:54.374>question <00:00:54.912>was <00:00:55.062>whether <00:00:55.341>demand <00:00:55.805>is <00:00:55.992>real, <00:00:56.616>this <00:00:57.272>is <00:00:57.452>the <00:00:57.582>receipt: <00:00:58.752>a <00:00:58.849>crypto <00:00:59.245>miner <00:00:59.560>just <00:00:59.809>locked <00:01:00.232>a <00:01:00.360>full <00:01:00.632>gigawatt <00:01:01.232>for <00:01:01.432>fifteen <00:01:02.085>years.

13
00:01:03.612 --> 00:01:09.272
<v Bill>And <00:01:03.720>here's <00:01:04.012>the <00:01:04.134>mechanic <00:01:04.680>that's <00:01:05.103>actually <00:01:05.772>new — <00:01:06.732>the <00:01:06.849>tenant <00:01:07.325>is <00:01:07.659>still <00:01:08.092>unnamed

14
00:01:09.325 --> 00:01:11.112
<v Bill>still <00:01:09.650>investment-grade

15
00:01:11.152 --> 00:01:15.352
<v Bill>and <00:01:11.312>its <00:01:11.496>footprint <00:01:12.152>doubled <00:01:12.819>to <00:01:13.192>704 <00:01:14.472>megawatts.

16
00:01:15.461 --> 00:01:18.392
<v Bill>Investment-grade <00:01:17.085>means <00:01:17.432>rated, <00:01:18.102>Cassidy.

17
00:01:18.419 --> 00:01:19.992
<v Bill>It <00:01:18.512>doesn't <00:01:18.856>mean <00:01:18.972>the <00:01:19.096>cash <00:01:19.412>cleared.

18
00:01:20.168 --> 00:01:25.592
<v Bill>Base-term <00:01:21.205>value <00:01:21.752>is <00:01:21.952>$19.6 <00:01:23.242>billion <00:01:24.200>over <00:01:24.452>fifteen <00:01:24.965>years.

19
00:01:25.885 --> 00:01:30.712
<v Bill>Do <00:01:26.492>the <00:01:26.632>math — <00:01:27.528>that's <00:01:27.712>a <00:01:27.775>little <00:01:27.960>over <00:01:28.272>$650 <00:01:29.372>million <00:01:30.152>a <00:01:30.312>year.

20
00:01:30.840 --> 00:01:34.952
<v Bill>Real <00:01:31.421>number, <00:01:32.280>very <00:01:32.512>different <00:01:32.968>vibe <00:01:33.400>from <00:01:33.612>the <00:01:33.743>headline.

21
00:01:34.992 --> 00:01:40.552
<v Cassidy>Right, <00:01:35.692>and <00:01:35.805>it's <00:01:36.012>the <00:01:36.152>same <00:01:36.562>unnamed-tenant <00:01:37.562>pattern <00:01:37.965>we <00:01:38.132>saw <00:01:38.344>with <00:01:38.529>Sharon <00:01:39.005>AI <00:01:39.325>in <00:01:39.472>New <00:01:39.652>Zealand.

22
00:01:40.672 --> 00:01:46.872
<v Cassidy>Two <00:01:41.096>data <00:01:41.398>points <00:01:41.772>now — <00:01:42.732>the <00:01:42.848>anonymous <00:01:43.410>investment-grade <00:01:44.285>customer <00:01:44.765>is <00:01:44.916>starting <00:01:45.299>to <00:01:45.384>look <00:01:45.560>like <00:01:45.772>the <00:01:45.894>template.

23
00:01:47.032 --> 00:01:51.372
<v Cassidy>At <00:01:47.412>one <00:01:47.672>gigawatt, <00:01:48.744>that's <00:01:48.992>who <00:01:49.165>controls <00:01:49.612>the <00:01:49.732>compute <00:01:50.192>the <00:01:50.376>labs <00:01:50.652>are <00:01:50.772>renting.

24
00:01:51.372 --> 00:01:58.152
<v Bill>This <00:01:51.725>is <00:01:51.872>the <00:01:52.042>version <00:01:52.512>I <00:01:52.672>don't <00:01:53.032>lose <00:01:53.445>sleep <00:01:53.960>over, <00:01:54.301>though — <00:01:55.232>fully <00:01:55.483>commercialized <00:01:56.438>before <00:01:56.744>they <00:01:56.925>break <00:01:57.256>more <00:01:57.581>ground.

25
00:01:58.299 --> 00:02:00.632
<v Bill>Lease <00:01:59.085>it, <00:01:59.576>then <00:01:59.939>build.

26
00:02:00.752 --> 00:02:04.472
<v Bill>Compare <00:02:01.624>that <00:02:01.805>to <00:02:01.952>the <00:02:02.132>speculative <00:02:02.912>capex <00:02:03.763>parade.

27
00:02:05.892 --> 00:02:08.012
<v Cassidy>Reuters, <00:02:06.804>with <00:02:07.032>Jaspreet <00:02:07.572>Singh:

28
00:02:08.435 --> 00:02:18.675
<v Quote>July <00:02:08.835>20 <00:02:09.435>(Reuters) - <00:02:10.865>Britain's <00:02:11.195>CuspAI <00:02:11.907>said <00:02:12.088>on <00:02:12.252>Monday <00:02:12.675>it <00:02:12.895>has <00:02:13.132>raised <00:02:13.735>$450 <00:02:14.625>million <00:02:15.427>from <00:02:15.611>investors <00:02:16.163>including <00:02:16.615>the <00:02:16.808>UK <00:02:17.119>government <00:02:17.615>and <00:02:17.864>Amazon <00:02:18.325>founder

29
00:02:18.723 --> 00:02:20.755
<v Quote>Jeff <00:02:18.995>Bezos' <00:02:19.606>investment <00:02:20.163>fund

30
00:02:20.808 --> 00:02:26.275
<v Quote>as <00:02:20.935>the <00:02:21.055>startup <00:02:21.515>looks <00:02:21.742>to <00:02:21.839>discover <00:02:22.262>brand-new <00:02:22.819>materials <00:02:23.411>that <00:02:23.502>could <00:02:23.685>advance <00:02:24.083>important <00:02:24.573>industries <00:02:25.363>including <00:02:25.862>chips.

31
00:02:26.650 --> 00:02:36.330
<v Cassidy>CuspAI <00:02:27.336>closed <00:02:27.650>$450 <00:02:28.510>million <00:02:29.230>for <00:02:29.338>materials <00:02:29.834>discovery, <00:02:30.930>and <00:02:31.090>the <00:02:31.250>cap <00:02:31.437>table <00:02:31.877>is <00:02:32.110>the <00:02:32.290>story — <00:02:33.310>the <00:02:33.477>UK <00:02:33.734>government <00:02:34.210>and <00:02:34.410>Bezos' <00:02:34.970>fund <00:02:35.317>on <00:02:35.390>the <00:02:35.514>same <00:02:35.850>line.

32
00:02:37.100 --> 00:02:40.090
<v Cassidy>All <00:02:37.178>week <00:02:37.410>governments <00:02:37.866>have <00:02:37.983>shown <00:02:38.303>up <00:02:38.437>as <00:02:38.555>regulators <00:02:39.263>or <00:02:39.434>landlords.

33
00:02:40.250 --> 00:02:42.752
<v Cassidy>Here, <00:02:41.110>one <00:02:41.317>wrote <00:02:41.503>an <00:02:41.656>equity <00:02:41.997>check.

34
00:02:42.752 --> 00:02:46.570
<v Bill>And <00:02:43.210>the <00:02:43.370>important <00:02:44.090>bit: <00:02:45.050>no <00:02:45.290>data <00:02:45.667>center <00:02:46.090>here.

35
00:02:46.690 --> 00:02:51.210
<v Bill>Every <00:02:47.343>other <00:02:47.690>big <00:02:47.976>number <00:02:48.298>this <00:02:48.554>week <00:02:48.930>has <00:02:49.338>been <00:02:49.590>someone <00:02:50.080>leasing <00:02:50.650>power.

36
00:02:51.450 --> 00:03:00.322
<v Bill>CuspAI <00:02:52.730>is <00:02:52.970>a <00:02:53.140>science-compute <00:02:54.450>bet <00:02:54.917>on <00:02:55.183>discovering <00:02:55.830>new <00:02:56.082>materials, <00:02:57.162>with <00:02:57.330>a <00:02:57.450>completely <00:02:58.314>different <00:02:58.986>risk <00:02:59.460>profile.

37
00:03:00.322 --> 00:03:05.690
<v Cassidy>Right <00:03:01.150>and <00:03:01.237>it <00:03:01.338>puts <00:03:01.570>a <00:03:01.644>harder <00:03:01.894>question <00:03:02.277>on <00:03:02.350>the <00:03:02.490>table: <00:03:03.562>when <00:03:03.730>a <00:03:03.818>sovereign <00:03:04.277>is <00:03:04.383>on <00:03:04.510>the <00:03:04.630>cap <00:03:04.877>table

38
00:03:05.730 --> 00:03:09.290
<v Cassidy>who <00:03:05.912>actually <00:03:06.463>controls <00:03:06.910>the <00:03:07.034>fine-tuning <00:03:07.830>and <00:03:08.030>the <00:03:08.146>inference <00:03:08.730>stack?

39
00:03:09.385 --> 00:03:12.970
<v Cassidy>Government <00:03:10.370>money <00:03:10.597>in <00:03:10.690>a <00:03:10.783>model <00:03:11.150>lab <00:03:11.530>isn't <00:03:11.920>neutral.

40
00:03:12.997 --> 00:03:15.530
<v Bill>It's <00:03:13.176>almost <00:03:13.470>the <00:03:13.590>new <00:03:13.839>provenance <00:03:14.559>signal, <00:03:15.090>isn't <00:03:15.317>it?

41
00:03:15.630 --> 00:03:20.250
<v Bill>Enterprises <00:03:16.762>have <00:03:16.943>spent <00:03:17.250>a <00:03:17.370>year <00:03:17.761>sweating <00:03:18.357>where <00:03:18.586>open <00:03:19.020>weights <00:03:19.450>came <00:03:19.834>from.

42
00:03:20.410 --> 00:03:25.085
<v Bill>Now <00:03:20.910>the <00:03:21.016>answer <00:03:21.343>might <00:03:21.663>be: <00:03:22.030>the <00:03:22.623>model <00:03:22.954>your <00:03:23.254>government <00:03:23.797>co-owns.

43
00:03:25.085 --> 00:03:26.810
<v Cassidy>It's <00:03:25.770>a <00:03:25.850>strange <00:03:26.310>comfort.

44
00:03:27.023 --> 00:03:30.771
<v Cassidy>It <00:03:27.507>solves <00:03:27.905>jurisdiction <00:03:28.610>and <00:03:28.780>creates <00:03:29.170>a <00:03:29.261>dependency <00:03:29.797>in <00:03:29.870>the <00:03:29.994>same <00:03:30.307>breath.

45
00:03:30.771 --> 00:03:39.610
<v Bill>And <00:03:31.002>here's <00:03:31.263>my <00:03:31.428>hesitation — <00:03:32.946>materials <00:03:33.514>discovery <00:03:34.130>doesn't <00:03:34.506>live <00:03:34.997>or <00:03:35.350>die <00:03:35.850>on <00:03:36.030>the <00:03:36.138>inference <00:03:36.650>cost <00:03:37.027>curves <00:03:37.450>I <00:03:37.590>harp <00:03:38.010>on <00:03:38.210>for <00:03:38.381>enterprise <00:03:38.983>deals.

46
00:03:39.770 --> 00:03:42.730
<v Bill>You're <00:03:40.390>not <00:03:40.620>serving <00:03:41.010>a <00:03:41.100>million <00:03:41.512>requests <00:03:42.050>a <00:03:42.170>second.

47
00:03:42.870 --> 00:03:47.930
<v Bill>You're <00:03:43.400>running <00:03:43.674>expensive <00:03:44.323>simulations <00:03:45.150>you'd <00:03:45.340>happily <00:03:45.770>pay <00:03:46.090>for <00:03:46.437>if <00:03:46.690>the <00:03:46.867>answer's <00:03:47.386>real.

48
00:03:48.042 --> 00:03:53.930
<v Bill>Different <00:03:49.138>economics <00:03:50.028>entirely, <00:03:51.470>and <00:03:51.570>I'm <00:03:51.730>not <00:03:51.914>sure <00:03:52.239>anyone's <00:03:52.879>priced <00:03:53.343>it <00:03:53.530>yet.

49
00:03:55.222 --> 00:03:57.381
<v Cassidy>Meir <00:03:55.462>Orbach, <00:03:56.142>writing <00:03:56.449>in <00:03:56.562>Calcalist:

50
00:03:57.784 --> 00:04:04.104
<v Quote>Israeli <00:03:58.247>cybersecurity <00:03:59.124>startup <00:03:59.664>Neo <00:04:00.084>emerged <00:04:00.536>from <00:04:00.714>stealth <00:04:01.091>on <00:04:01.213>Monday <00:04:01.672>with <00:04:01.904>$100 <00:04:02.514>million <00:04:03.171>in <00:04:03.284>funding

51
00:04:04.134 --> 00:04:10.664
<v Quote>betting <00:04:04.376>that <00:04:04.544>the <00:04:04.717>rapid <00:04:05.037>adoption <00:04:05.491>of <00:04:05.677>AI <00:04:06.013>agents <00:04:06.557>is <00:04:06.877>creating <00:04:07.331>an <00:04:07.464>entirely <00:04:08.184>new <00:04:08.486>category <00:04:09.011>of <00:04:09.108>enterprise <00:04:09.597>security <00:04:10.086>software.

52
00:04:10.989 --> 00:04:22.669
<v Bill>So <00:04:11.429>Neo <00:04:12.109>came <00:04:12.469>out <00:04:12.616>of <00:04:12.739>stealth <00:04:13.309>Monday <00:04:13.837>with <00:04:14.109>$100 <00:04:14.889>million — <00:04:16.549>$75 <00:04:17.409>million <00:04:18.189>Series <00:04:18.949>A <00:04:19.277>from <00:04:19.709>a16z <00:04:21.149>and <00:04:21.469>Bessemer

53
00:04:22.749 --> 00:04:27.309
<v Bill>plus <00:04:23.149>a <00:04:23.309>$25 <00:04:24.119>million <00:04:24.829>seed <00:04:25.197>from <00:04:25.469>last <00:04:25.837>year <00:04:26.061>they <00:04:26.256>never <00:04:26.653>announced.

54
00:04:27.469 --> 00:04:34.389
<v Bill>The <00:04:28.042>pitch: <00:04:29.131>securing <00:04:29.816>AI <00:04:30.269>agents <00:04:30.797>that <00:04:31.049>can <00:04:31.298>reason <00:04:31.769>and <00:04:32.049>act <00:04:32.452>inside <00:04:33.101>your <00:04:33.319>systems.

55
00:04:34.889 --> 00:04:42.029
<v Bill>And <00:04:34.957>look, <00:04:35.729>the <00:04:35.842>founders <00:04:36.289>are <00:04:36.402>right <00:04:36.701>that <00:04:36.861>your <00:04:37.060>existing <00:04:37.722>tools <00:04:38.216>weren't <00:04:38.482>built <00:04:38.789>for <00:04:38.974>autonomous <00:04:39.691>software <00:04:40.246>making <00:04:40.653>decisions <00:04:41.256>in <00:04:41.367>production.

56
00:04:42.189 --> 00:04:47.229
<v Bill>What <00:04:42.909>I <00:04:43.021>want <00:04:43.206>nailed <00:04:43.629>down <00:04:44.082>is: <00:04:44.557>what's <00:04:45.189>the <00:04:45.378>actual <00:04:45.859>failure <00:04:46.381>they're <00:04:46.642>catching?

57
00:04:47.442 --> 00:04:55.469
<v Bill>An <00:04:47.949>agent <00:04:48.402>going <00:04:48.729>off-script <00:04:49.442>at <00:04:49.613>step <00:04:49.936>seven <00:04:50.322>of <00:04:50.509>a <00:04:50.629>ten-step <00:04:51.242>chain <00:04:51.896>is <00:04:52.309>a <00:04:52.397>very <00:04:52.629>different <00:04:53.049>problem <00:04:53.501>than <00:04:53.709>a <00:04:53.840>credential <00:04:54.419>leaking.

58
00:04:55.501 --> 00:04:58.429
<v Cassidy>Here's <00:04:55.725>what <00:04:55.829>makes <00:04:56.056>it <00:04:56.171>concrete <00:04:56.709>for <00:04:56.909>me — <00:04:57.816>on <00:04:57.929>its <00:04:58.169>own

59
00:04:58.482 --> 00:05:05.069
<v Cassidy>it's <00:04:58.989>abstract: <00:04:59.989>a <00:05:00.109>pile <00:05:00.456>of <00:05:00.562>SentinelOne <00:05:01.229>alumni <00:05:01.759>raising <00:05:02.159>against <00:05:02.549>a <00:05:02.635>threat <00:05:02.969>surface <00:05:03.421>that <00:05:03.589>doesn't <00:05:03.922>fully <00:05:04.269>exist <00:05:04.749>yet.

60
00:05:05.309 --> 00:05:10.909
<v Cassidy>But <00:05:06.069>warehouse <00:05:06.491>robotics <00:05:07.042>is <00:05:07.183>coming <00:05:07.442>up <00:05:07.589>later <00:05:07.837>this <00:05:08.125>hour <00:05:08.605>with <00:05:09.029>a <00:05:09.133>real <00:05:09.442>retailer <00:05:09.940>attached.

61
00:05:10.989 --> 00:05:12.669
<v Cassidy>That's <00:05:11.349>the <00:05:11.505>deployment <00:05:11.929>environment.

62
00:05:12.829 --> 00:05:16.970
<v Cassidy>That's <00:05:13.562>where <00:05:13.682>an <00:05:13.856>agent <00:05:14.221>with <00:05:14.406>system <00:05:14.829>access <00:05:15.376>stops <00:05:15.749>being <00:05:16.089>a <00:05:16.276>slide.

63
00:05:16.970 --> 00:05:23.309
<v Bill>Right — <00:05:17.989>and <00:05:18.157>that's <00:05:18.529>the <00:05:18.685>tell <00:05:19.122>on <00:05:19.269>whether <00:05:19.613>this <00:05:19.922>is <00:05:20.069>a <00:05:20.189>$100 <00:05:20.909>million <00:05:21.549>company <00:05:22.242>or <00:05:22.549>a <00:05:22.669>feature.

64
00:05:23.576 --> 00:05:29.469
<v Bill>If <00:05:24.149>the <00:05:24.338>agents <00:05:24.793>shipping <00:05:25.197>into <00:05:25.440>production <00:05:25.997>have <00:05:26.260>security <00:05:26.882>baked <00:05:27.229>in <00:05:27.496>by <00:05:27.769>whoever <00:05:28.246>builds <00:05:28.637>them

65
00:05:29.549 --> 00:05:34.349
<v Bill>Neo's <00:05:29.909>selling <00:05:30.269>a <00:05:30.429>bolt-on <00:05:31.122>to <00:05:31.309>a <00:05:31.449>problem <00:05:31.889>the <00:05:32.020>platform <00:05:32.649>vendors <00:05:33.149>close <00:05:33.642>first.

66
00:05:35.160 --> 00:05:37.080
<v Cassidy>Here's <00:05:35.432>Krisztian <00:05:35.800>Sandor <00:05:36.227>at <00:05:36.360>Coindesk:

67
00:05:39.436 --> 00:05:50.556
<v Quote>Shares <00:05:39.809>of <00:05:39.976>bitcoin <00:05:40.465>miners <00:05:40.922>turned <00:05:41.356>AI <00:05:41.719>infrastructure <00:05:42.380>providers <00:05:43.036>surged <00:05:43.573>Monday <00:05:44.009>after <00:05:44.536>Hut <00:05:44.876>8 <00:05:45.276>(HUT) <00:05:46.346>and <00:05:46.716>IREN <00:05:47.596>(IREN) <00:05:49.092>announced <00:05:49.640>billions <00:05:50.023>of <00:05:50.126>dollars <00:05:50.503>in

68
00:05:50.616 --> 00:05:55.836
<v Quote>new <00:05:50.868>contracts <00:05:52.030>easing <00:05:52.298>concerns <00:05:52.828>that <00:05:53.013>demand <00:05:53.396>for <00:05:53.623>AI <00:05:53.884>computing <00:05:54.387>capacity <00:05:54.996>may <00:05:55.169>be <00:05:55.336>slowing.

69
00:05:56.234 --> 00:06:05.834
<v Bill>So <00:05:56.378>CoinDesk's <00:05:57.254>framing <00:05:57.738>here <00:05:58.127>is <00:05:58.483>explicit: <00:05:59.306>this <00:05:59.807>is <00:05:59.954>a <00:06:00.074>rebound <00:06:00.687>after <00:06:01.026>investors <00:06:01.725>questioned <00:06:02.284>whether <00:06:02.694>the <00:06:02.938>data-center <00:06:03.674>demand <00:06:04.234>was <00:06:04.586>even <00:06:05.162>real.

70
00:06:05.994 --> 00:06:16.914
<v Bill>Two <00:06:06.554>Mondays <00:06:07.167>of <00:06:07.381>me <00:06:07.674>poking <00:06:08.207>at <00:06:08.394>contract <00:06:09.098>structure, <00:06:10.174>and <00:06:10.254>the <00:06:10.371>market <00:06:10.778>just <00:06:11.123>answered — <00:06:12.214>Hut <00:06:12.554>8 <00:06:12.901>up <00:06:13.434>17 <00:06:14.074>percent, <00:06:15.314>IREN <00:06:15.861>up <00:06:16.314>19.

71
00:06:16.914 --> 00:06:18.954
<v Cassidy>And <00:06:17.674>it's <00:06:17.954>not <00:06:18.122>just <00:06:18.354>those <00:06:18.634>two.

72
00:06:19.154 --> 00:06:28.554
<v Cassidy>MARA, <00:06:20.181>RIOT, <00:06:21.114>WULF <00:06:21.874>all <00:06:22.280>caught <00:06:22.574>the <00:06:22.714>updraft — <00:06:23.925>Cipher, <00:06:24.774>TeraWulf, <00:06:26.014>the <00:06:26.114>whole <00:06:26.383>miners-turned-infrastructure <00:06:27.845>basket.

73
00:06:29.402 --> 00:06:34.528
<v Cassidy>That <00:06:29.474>tells <00:06:29.714>you <00:06:29.854>the <00:06:29.971>demand <00:06:30.367>floor <00:06:30.694>was <00:06:30.914>a <00:06:31.023>sector <00:06:31.496>question, <00:06:32.454>not <00:06:32.682>just <00:06:32.901>an <00:06:33.074>IREN <00:06:33.434>idiosyncrasy.

74
00:06:34.528 --> 00:06:41.514
<v Bill>Right, <00:06:35.454>but <00:06:35.554>let's <00:06:35.807>be <00:06:35.984>precise <00:06:36.527>on <00:06:36.674>the <00:06:36.874>Hut <00:06:37.274>8 <00:06:37.651>number, <00:06:38.504>because <00:06:38.767>we <00:06:38.934>hit <00:06:39.134>the <00:06:39.242>full-commercialization <00:06:40.381>piece <00:06:40.784>earlier.

75
00:06:41.674 --> 00:06:49.354
<v Bill>Nine-point-eight <00:06:43.034>billion <00:06:43.658>over <00:06:44.074>15 <00:06:44.714>years <00:06:45.301>is <00:06:45.724>roughly <00:06:46.154>$653 <00:06:47.634>million <00:06:48.554>a <00:06:48.714>year.

76
00:06:50.106 --> 00:06:53.606
<v Bill>Real <00:06:50.234>number. <00:06:51.290>Just <00:06:51.814>not <00:06:52.274>the <00:06:52.456>headline <00:06:53.011>number.

77
00:06:53.606 --> 00:07:00.074
<v Cassidy>And <00:06:53.914>it's <00:06:54.154>the <00:06:54.314>same <00:06:54.554>investment-grade <00:06:55.491>tenant <00:06:55.866>that <00:06:56.042>took <00:06:56.287>phase <00:06:56.694>one — <00:06:57.701>so <00:06:57.774>the <00:06:57.903>campus <00:06:58.367>is <00:06:58.514>fully <00:06:58.772>contracted <00:06:59.434>now

78
00:07:00.114 --> 00:07:03.274
<v Cassidy>but <00:07:00.261>to <00:07:00.394>one <00:07:00.690>anonymous <00:07:01.244>counterparty <00:07:01.891>across <00:07:02.282>both <00:07:02.565>leases.

79
00:07:03.418 --> 00:07:06.694
<v Cassidy>Doubles <00:07:04.167>their <00:07:04.298>footprint, <00:07:05.314>doesn't <00:07:05.743>diversify <00:07:06.194>the <00:07:06.410>risk.

80
00:07:06.694 --> 00:07:09.035
<v Bill>That's <00:07:07.075>the <00:07:07.262>piece <00:07:07.643>that <00:07:07.955>nags <00:07:08.528>at <00:07:08.715>me.

81
00:07:09.395 --> 00:07:14.155
<v Bill>“Investment-grade” <00:07:10.942>means <00:07:11.395>rated, <00:07:12.455>not <00:07:12.763>cash <00:07:13.328>in <00:07:13.455>the <00:07:13.611>door.

82
00:07:14.940 --> 00:07:25.040
<v Bill>I'd <00:07:15.072>love <00:07:15.227>to <00:07:15.328>know <00:07:15.580>who's <00:07:15.893>actually <00:07:16.400>good <00:07:16.780>for <00:07:17.080>$653 <00:07:18.600>million <00:07:19.520>a <00:07:19.664>year <00:07:19.980>for <00:07:20.200>a <00:07:20.309>decade <00:07:20.740>and <00:07:20.880>a <00:07:21.040>half — <00:07:22.260>and <00:07:22.340>the <00:07:22.469>filing <00:07:22.947>tells <00:07:23.360>me <00:07:23.640>exactly <00:07:24.540>nothing.

83
00:07:26.480 --> 00:07:29.673
<v Cassidy>This <00:07:26.600>one <00:07:26.773>comes <00:07:27.120>via <00:07:27.400>Cate <00:07:27.653>Lawrence <00:07:28.160>at <00:07:28.384>Tech.eu.

84
00:07:29.673 --> 00:07:33.520
<v Bill>Okay, <00:07:30.512>this <00:07:30.693>is <00:07:30.840>the <00:07:31.020>one <00:07:31.253>on <00:07:31.413>today's <00:07:31.813>board <00:07:32.200>I <00:07:32.391>actually <00:07:33.040>like.

85
00:07:33.880 --> 00:07:45.840
<v Bill>Sereact <00:07:34.893>pulls <00:07:35.480>$116 <00:07:36.920>million, <00:07:38.140>and <00:07:38.440>Zalando's <00:07:39.520>in <00:07:39.700>the <00:07:39.880>round — <00:07:40.960>Zalando <00:07:41.520>runs <00:07:41.913>warehouses, <00:07:43.056>they're <00:07:43.240>not <00:07:43.400>a <00:07:43.520>fund <00:07:43.880>looking <00:07:44.240>for <00:07:44.613>AI <00:07:44.960>exposure.

86
00:07:46.910 --> 00:07:52.240
<v Bill>After <00:07:47.000>a <00:07:47.100>morning <00:07:47.573>of <00:07:47.744>anonymous <00:07:48.378>investment-grade <00:07:49.360>tenants <00:07:49.990>signing <00:07:50.560>15-year <00:07:51.280>paper

87
00:07:52.267 --> 00:08:00.133
<v Bill>it's <00:07:52.444>refreshing <00:07:52.933>to <00:07:53.080>see <00:07:53.240>a <00:07:53.333>check <00:07:53.640>written <00:07:53.973>by <00:07:54.124>somebody <00:07:54.520>who's <00:07:54.747>going <00:07:54.907>to <00:07:55.040>plug <00:07:55.400>the <00:07:55.600>robots <00:07:56.187>in <00:07:56.540>and <00:07:57.013>watch <00:07:57.312>them <00:07:57.552>fail <00:07:58.133>at <00:07:58.464>pick <00:07:58.766>number <00:07:59.120>seven.

88
00:08:00.133 --> 00:08:02.600
<v Cassidy>And <00:08:00.720>that <00:08:00.880>connects <00:08:01.300>the <00:08:01.440>dots <00:08:01.780>for <00:08:01.947>me.

89
00:08:02.644 --> 00:08:05.360
<v Cassidy>Warehouse <00:08:03.111>robotics <00:08:03.744>plus <00:08:04.133>AI <00:08:04.491>agents

90
00:08:05.406 --> 00:08:14.160
<v Cassidy>backed <00:08:05.733>by <00:08:05.880>a <00:08:05.973>retailer <00:08:06.448>that <00:08:06.700>fulfills <00:08:07.177>orders <00:08:07.573>at <00:08:07.742>European <00:08:08.360>scale — <00:08:09.333>suddenly <00:08:09.800>the <00:08:09.973>SentinelOne <00:08:10.624>vets <00:08:10.920>raising <00:08:11.280>$100 <00:08:11.850>million <00:08:12.520>for <00:08:12.693>agent <00:08:13.022>security <00:08:13.632>have <00:08:14.120>a

91
00:08:14.240 --> 00:08:16.774
<v Cassidy>real <00:08:14.613>building <00:08:15.067>to <00:08:15.173>point <00:08:15.453>their <00:08:15.566>threat <00:08:15.893>model <00:08:16.240>at.

92
00:08:16.774 --> 00:08:24.240
<v Bill>Right — <00:08:18.440>a <00:08:18.544>strategic <00:08:19.182>operator <00:08:19.760>anchoring <00:08:20.340>the <00:08:20.520>round <00:08:21.227>means <00:08:21.780>the <00:08:21.909>demand <00:08:22.400>test <00:08:22.853>is <00:08:23.213>baked <00:08:23.813>in.

93
00:08:24.640 --> 00:08:33.040
<v Bill>Zalando <00:08:25.566>either <00:08:25.900>deploys <00:08:26.373>these <00:08:26.693>in <00:08:26.880>live <00:08:27.260>fulfillment <00:08:28.053>or <00:08:28.352>they <00:08:28.540>don't, <00:08:29.460>and <00:08:29.547>there's <00:08:29.840>no <00:08:30.080>run-rate <00:08:30.640>slide <00:08:31.067>to <00:08:31.184>hide <00:08:31.531>behind.

94
00:08:33.072 --> 00:08:36.880
<v Cassidy>That's <00:08:33.260>a <00:08:33.328>very <00:08:33.560>different <00:08:33.984>risk <00:08:34.320>profile <00:08:34.912>than <00:08:35.060>the <00:08:35.180>compute <00:08:35.653>deals <00:08:35.973>we <00:08:36.120>hit <00:08:36.310>earlier.

95
00:08:37.008 --> 00:08:42.640
<v Cassidy>Here <00:08:37.560>the <00:08:37.737>tenant <00:08:38.120>has <00:08:38.280>a <00:08:38.416>name <00:08:38.840>and <00:08:39.000>a <00:08:39.100>use <00:08:39.392>case, <00:08:40.280>not <00:08:40.440>a <00:08:40.526>credit <00:08:40.857>rating <00:08:41.240>and <00:08:41.400>a <00:08:41.480>redacted <00:08:42.032>line.

96
00:08:43.501 --> 00:08:48.621
<v Cassidy>Got <00:08:43.697>thoughts <00:08:44.008>on <00:08:44.101>today’s <00:08:44.434>briefing, <00:08:45.221>a <00:08:45.314>story <00:08:45.634>we <00:08:45.764>should <00:08:45.928>be <00:08:46.043>tracking, <00:08:46.968>or <00:08:47.061>a <00:08:47.159>correction <00:08:47.768>we <00:08:47.869>need <00:08:48.088>to <00:08:48.205>make?

97
00:08:48.797 --> 00:08:53.701
<v Cassidy>Send <00:08:49.554>us <00:08:49.701>a <00:08:49.805>note <00:08:50.141>at <00:08:50.421>aidailybriefing <00:08:51.554>at <00:08:51.711>lantern <00:08:52.132>podcasts <00:08:52.741>dot <00:08:52.981>com.

98
00:08:53.821 --> 00:08:55.101
<v Cassidy>We’re <00:08:54.187>always <00:08:54.509>listening.

99
00:08:55.844 --> 00:09:02.004
<v Cassidy>You’ll <00:08:56.068>find <00:08:56.204>links <00:08:56.457>to <00:08:56.604>every <00:08:56.871>story <00:08:57.231>we <00:08:57.324>covered <00:08:57.644>today <00:08:57.871>in <00:08:57.944>the <00:08:58.052>show <00:08:58.311>notes, <00:08:59.231>so <00:08:59.497>if <00:08:59.664>one <00:08:59.878>caught <00:09:00.116>your <00:09:00.324>ear, <00:09:00.904>you <00:09:01.004>can <00:09:01.164>dig <00:09:01.311>in <00:09:01.412>from <00:09:01.644>there.

100
00:09:02.164 --> 00:09:05.004
<v Cassidy>That’s <00:09:03.017>AI <00:09:03.177>Daily <00:09:03.497>Briefing <00:09:03.884>for <00:09:04.084>today.

101
00:09:05.108 --> 00:09:07.124
<v Cassidy>This <00:09:05.577>is <00:09:05.724>a <00:09:05.824>Lantern <00:09:06.344>Podcast.