WEBVTT

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<v Cassidy>Nvidia's <00:00:00.530>writing <00:00:00.960>a <00:00:01.060>two-hundred-fifty-billion-dollar <00:00:02.547>check <00:00:02.933>to <00:00:03.080>build <00:00:03.360>OpenAI's <00:00:04.048>data <00:00:04.300>centers — <00:00:05.220>the <00:00:05.328>chip <00:00:05.573>supplier <00:00:06.053>is <00:00:06.200>now <00:00:06.400>bankrolling <00:00:07.000>the

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<v Cassidy>customer's <00:00:07.568>real <00:00:07.817>estate.

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<v Cassidy>For <00:00:09.566>anyone <00:00:09.880>joining <00:00:10.213>us <00:00:10.360>mid-arc, <00:00:10.896>here's <00:00:11.060>the <00:00:11.173>short <00:00:11.490>version: <00:00:12.613>SK <00:00:12.933>Group <00:00:13.220>and <00:00:13.360>NVIDIA <00:00:13.872>have <00:00:14.032>more <00:00:14.192>than <00:00:14.440>$500 <00:00:15.220>billion <00:00:15.947>in <00:00:16.040>letters <00:00:16.347>of <00:00:16.469>intent <00:00:16.907>in <00:00:17.029>motion.

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<v Cassidy>SK <00:00:18.700>Telecom <00:00:19.173>is <00:00:19.326>slated <00:00:19.627>to <00:00:19.733>build <00:00:20.040>a <00:00:20.160>two-gigawatt <00:00:21.024>Vera <00:00:21.347>Rubin <00:00:21.840>DSX <00:00:22.507>AI <00:00:22.800>factory

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<v Cassidy>while <00:00:24.213>SK <00:00:24.560>hynix <00:00:25.147>is <00:00:25.250>working <00:00:25.616>with <00:00:25.760>NVIDIA <00:00:26.320>on <00:00:26.528>next-gen <00:00:27.017>memory

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<v Cassidy>including <00:00:28.400>HBM. <00:00:29.890>All <00:00:30.000>along, <00:00:30.507>we've <00:00:30.656>been <00:00:30.789>asking <00:00:31.240>how <00:00:31.392>that <00:00:31.568>announced <00:00:32.080>scale <00:00:32.533>turns <00:00:32.848>into <00:00:33.086>deployable <00:00:33.582>capacity <00:00:34.107>in <00:00:34.253>Korea.

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<v Bill>This <00:00:36.133>is <00:00:36.613>AI <00:00:37.120>Daily <00:00:37.573>Briefing.

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<v Bill>Five <00:00:38.779>infrastructure <00:00:39.670>stories, <00:00:40.656>zero <00:00:41.120>model <00:00:41.582>launches, <00:00:42.520>and <00:00:42.680>a <00:00:42.800>lot <00:00:43.093>of <00:00:43.280>very <00:00:43.667>large <00:00:44.070>numbers <00:00:44.640>that <00:00:45.022>suddenly <00:00:45.584>have <00:00:45.920>names <00:00:46.400>attached.

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<v Bill>Cassidy, <00:00:49.093>start <00:00:49.392>with <00:00:49.540>the <00:00:49.660>big <00:00:49.900>one.

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<v Bill>If <00:00:50.848>this <00:00:51.107>story <00:00:51.500>matters <00:00:51.973>to <00:00:52.160>you — <00:00:53.040>NVIDIA-SK <00:00:54.533>AI <00:00:55.040>factory <00:00:55.660>partnership — <00:00:56.920>hit <00:00:57.109>follow.

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<v Bill>We'll <00:00:58.373>be <00:00:58.512>back <00:00:58.693>on <00:00:58.853>it <00:00:59.040>soon.

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<v Cassidy>Here's <00:01:00.466>Al <00:01:00.643>Jazeera:

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<v Quote>The <00:01:02.155>$250bn <00:01:03.215>deal <00:01:04.042>which <00:01:04.235>was <00:01:04.455>first <00:01:04.708>reported <00:01:05.162>by <00:01:05.235>The <00:01:05.343>Wall <00:01:05.569>Street <00:01:05.825>Journal

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<v Quote>would <00:01:06.623>help <00:01:06.835>the <00:01:06.975>ChatGPT <00:01:07.908>owner <00:01:08.242>lease <00:01:08.615>a <00:01:08.735>10-gigawatt <00:01:09.515>project <00:01:09.983>that <00:01:10.308>SB <00:01:10.632>Energy

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<v Quote>a <00:01:11.353>subsidiary <00:01:11.962>of <00:01:12.095>SoftBank

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<v Quote>is <00:01:13.011>building <00:01:13.348>in <00:01:13.515>Piketon

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<v Quote>Ohio <00:01:14.815>68 <00:01:15.375>miles <00:01:15.895>(109km) <00:01:17.428>south <00:01:17.722>of <00:01:17.828>Columbus <00:01:18.431>Ohio.

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<v Cassidy>So <00:01:19.513>Nvidia's <00:01:20.055>reportedly <00:01:20.612>guaranteeing <00:01:21.324>a <00:01:21.484>$250 <00:01:22.414>billion <00:01:23.111>lease <00:01:23.484>for <00:01:23.700>OpenAI <00:01:24.511>in <00:01:24.624>Piketon, <00:01:25.380>Ohio — <00:01:26.264>and <00:01:26.356>that's <00:01:26.596>just <00:01:26.744>the <00:01:26.866>building.

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<v Cassidy>The <00:01:28.377>chips <00:01:28.713>inside <00:01:29.164>are <00:01:29.314>another <00:01:29.604>$350 <00:01:30.604>billion, <00:01:31.804>and <00:01:31.977>Huang <00:01:32.292>says <00:01:32.511>he's <00:01:32.671>in <00:01:32.791>talks <00:01:33.144>for <00:01:33.236>that <00:01:33.484>too.

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<v Bill>Half <00:01:35.084>a <00:01:35.195>trillion <00:01:35.824>for <00:01:36.104>one <00:01:36.507>campus <00:01:37.231>in <00:01:37.506>southern <00:01:38.164>Ohio.

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<v Bill>Ten <00:01:39.924>gigawatts, <00:01:41.044>800 <00:01:41.664>megawatts <00:01:42.358>online <00:01:43.151>by <00:01:43.524>2028 — <00:01:45.170>enough <00:01:45.497>to <00:01:45.671>power <00:01:46.244>640,000 <00:01:48.191>homes, <00:01:48.964>per <00:01:49.551>Al <00:01:49.834>Jazeera.

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<v Cassidy>The <00:01:51.492>structure <00:01:51.977>is <00:01:52.116>what <00:01:52.308>gets <00:01:52.644>me.

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<v Cassidy>Nvidia <00:01:53.964>has <00:01:54.137>moved <00:01:54.468>past <00:01:54.764>selling <00:01:55.104>silicon <00:01:55.556>into <00:01:55.732>this <00:01:55.964>thing <00:01:56.204>and <00:01:56.377>is <00:01:56.544>now <00:01:56.780>guaranteeing <00:01:57.404>its <00:01:57.568>customer's <00:01:58.132>data-center <00:01:58.724>lease.

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<v Cassidy>Chip <00:02:00.226>supplier <00:02:00.764>and <00:02:00.964>financier, <00:02:02.228>same <00:02:02.544>balance <00:02:03.017>sheet.

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<v Bill>And <00:02:04.284>the <00:02:04.471>power <00:02:04.871>comes <00:02:05.236>from <00:02:05.404>a <00:02:05.497>separate <00:02:06.164>$33 <00:02:07.084>billion <00:02:08.084>US-Japan <00:02:09.028>deal <00:02:09.384>for <00:02:09.724>a <00:02:09.884>gas <00:02:10.324>plant, <00:02:11.257>on <00:02:11.444>land <00:02:11.824>the <00:02:12.164>DOE <00:02:12.713>leased <00:02:13.177>to <00:02:13.380>SoftBank.

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<v Bill>So <00:02:15.250>before <00:02:15.604>a <00:02:15.730>single <00:02:16.084>token <00:02:16.548>gets <00:02:16.884>served, <00:02:17.784>you've <00:02:17.984>got <00:02:18.244>Nvidia, <00:02:19.124>OpenAI, <00:02:20.196>SoftBank, <00:02:21.324>and <00:02:21.524>two <00:02:21.811>governments <00:02:22.377>in <00:02:22.504>the <00:02:22.624>counterparty <00:02:23.457>stack.

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<v Cassidy>A <00:02:25.021>public-private <00:02:25.891>partnership <00:02:26.457>to <00:02:26.617>build, <00:02:27.097>quote, <00:02:27.544>the <00:02:27.911>world's <00:02:28.384>largest <00:02:28.937>AI <00:02:29.252>data <00:02:29.513>center.

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<v Cassidy>Everybody's <00:02:31.084>a <00:02:31.174>partner <00:02:31.564>until <00:02:31.804>someone <00:02:32.144>has <00:02:32.351>to <00:02:32.464>explain <00:02:32.924>who's <00:02:33.177>on <00:02:33.304>the <00:02:33.428>hook <00:02:33.737>if <00:02:33.864>the <00:02:33.977>lease <00:02:34.292>goes <00:02:34.573>sideways.

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<v Cassidy>This <00:02:36.366>one's <00:02:36.598>from <00:02:36.779>Stock <00:02:37.113>Titan:

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<v Quote>Axe <00:02:38.390>Compute <00:02:38.820>Inc.

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<v Quote>announced <00:02:39.500>a <00:02:39.620>new <00:02:39.924>five‑year <00:02:40.473>customer <00:02:40.962>contract <00:02:41.508>with <00:02:41.753>total <00:02:42.060>committed <00:02:42.500>value <00:02:42.953>of <00:02:43.108>over <00:02:43.380>$1.5 <00:02:44.410>billion <00:02:45.540>to <00:02:45.757>deploy <00:02:46.140>a <00:02:46.236>dedicated <00:02:46.820>NVIDIA <00:02:47.367>Blackwell‑based <00:02:48.393>AI

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<v Quote>infrastructure <00:02:49.360>cluster <00:02:49.833>in <00:02:49.960>the <00:02:50.077>United <00:02:50.477>States.

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<v Quote>With <00:02:51.824>previously <00:02:52.308>announced <00:02:52.793>Build <00:02:53.111>agreements, <00:02:53.860>2026 <00:02:54.786>signed <00:02:55.118>contracted <00:02:55.780>value <00:02:56.240>now <00:02:56.490>exceeds <00:02:57.020>$3 <00:02:57.420>billion.

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<v Bill>Okay, <00:02:59.464>this <00:02:59.736>is <00:02:59.936>the <00:03:00.113>filing <00:03:00.576>I <00:03:00.758>actually <00:03:01.313>wanted: <00:03:02.003>an <00:03:02.216>8-K, <00:03:03.696>not <00:03:03.856>a <00:03:03.949>press <00:03:04.276>release.

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<v Bill>Axe <00:03:05.566>Compute, <00:03:06.576>a <00:03:06.696>name <00:03:07.080>most <00:03:07.389>of <00:03:07.516>you <00:03:07.624>have <00:03:07.843>never <00:03:08.056>typed, <00:03:08.920>just <00:03:09.222>locked <00:03:09.523>in <00:03:09.656>a <00:03:09.800>five-year <00:03:10.305>contract <00:03:11.056>worth <00:03:11.336>over <00:03:11.736>$1.5 <00:03:13.006>billion.

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<v Cassidy>And <00:03:14.723>it <00:03:14.829>lands <00:03:15.116>the <00:03:15.240>same <00:03:15.544>week <00:03:15.789>as <00:03:15.944>that <00:03:16.336>$250 <00:03:17.036>billion <00:03:17.816>Nvidia-OpenAI <00:03:18.902>number <00:03:19.229>we <00:03:19.384>just <00:03:19.610>walked <00:03:19.856>through.

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<v Cassidy>That <00:03:21.158>headline <00:03:21.720>sets <00:03:21.996>the <00:03:22.152>mood.

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<v Cassidy>Here, <00:03:23.516>the <00:03:23.629>money <00:03:23.940>actually <00:03:24.363>shows <00:03:24.776>up <00:03:24.989>in <00:03:25.123>an <00:03:25.309>unglamorous <00:03:26.180>securities <00:03:26.685>filing.

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<v Bill>Here's <00:03:28.056>the <00:03:28.136>part <00:03:28.408>that <00:03:28.596>matters: <00:03:29.736>2026 <00:03:30.776>signed <00:03:31.336>contracted <00:03:32.216>value <00:03:32.696>now <00:03:33.064>tops <00:03:33.696>$3 <00:03:34.376>billion.

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<v Bill>Back <00:03:36.429>on <00:03:36.576>the <00:03:36.976>24th <00:03:37.768>when <00:03:37.949>we <00:03:38.088>were <00:03:38.256>picking <00:03:38.603>apart <00:03:38.998>Alphabet's <00:03:39.634>contracted-versus-letter-of-intent <00:03:41.756>fog

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<v Bill>this <00:03:43.096>is <00:03:43.356>exactly <00:03:44.116>the <00:03:44.360>kind <00:03:44.643>of <00:03:44.761>disclosure <00:03:45.536>I <00:03:45.713>wanted.

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<v Bill>Committed <00:03:47.176>value. <00:03:47.816>Take-or-pay.

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<v Bill>Over <00:03:50.416>$534 <00:03:51.786>million <00:03:52.776>in <00:03:53.036>prepayments <00:03:53.796>landing <00:03:54.262>within <00:03:54.696>30 <00:03:55.032>days.

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<v Cassidy>And <00:03:56.296>Axe <00:03:56.616>owns <00:03:56.936>the <00:03:57.016>hardware — <00:03:58.296>9,200-plus <00:04:00.043>Blackwell <00:04:00.696>B300s.

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<v Cassidy>It <00:04:02.286>designs <00:04:02.816>and <00:04:02.998>operates <00:04:03.516>the <00:04:03.626>cluster, <00:04:04.488>then <00:04:04.669>keeps <00:04:04.956>the <00:04:05.060>hardware <00:04:05.469>after <00:04:05.756>the <00:04:05.878>contract <00:04:06.488>ends.

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<v Cassidy>Axe <00:04:08.029>is <00:04:08.156>the <00:04:08.269>operator <00:04:08.746>holding <00:04:09.116>the <00:04:09.256>asset, <00:04:09.832>with <00:04:10.296>no <00:04:10.518>capacity <00:04:11.116>reseller <00:04:11.629>in <00:04:11.756>the <00:04:11.862>middle.

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<v Bill>Which <00:04:13.016>is <00:04:13.243>great <00:04:13.629>right <00:04:13.949>up <00:04:14.109>until <00:04:14.443>every <00:04:14.836>one <00:04:15.043>of <00:04:15.149>these <00:04:15.473>builds <00:04:15.896>is <00:04:16.109>standing <00:04:16.563>in <00:04:16.636>the <00:04:16.792>same <00:04:17.376>HBM4 <00:04:18.296>line <00:04:18.716>waiting <00:04:19.443>on <00:04:19.516>the <00:04:19.656>same <00:04:20.046>silicon.

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<v Bill>Prepayments <00:04:22.096>don't <00:04:22.360>conjure <00:04:22.833>memory <00:04:23.256>chips.

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<v Cassidy>Still, <00:04:24.736>one <00:04:24.904>deal <00:04:25.149>takes <00:04:25.436>the <00:04:25.536>run <00:04:25.704>rate <00:04:25.944>from <00:04:26.176>$385 <00:04:27.346>million <00:04:28.029>to <00:04:28.182>nearly <00:04:28.616>$700 <00:04:29.526>million.

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<v Cassidy>That <00:04:31.208>kind <00:04:31.363>of <00:04:31.480>jump <00:04:31.789>is <00:04:31.976>real <00:04:32.353>demand <00:04:32.736>showing <00:04:33.043>up <00:04:33.123>in <00:04:33.196>the <00:04:33.336>numbers.

51
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<v Cassidy>From <00:04:34.847>RCR <00:04:35.460>Wireless <00:04:35.999>News:

52
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<v Quote>Korean <00:04:37.483>carrier <00:04:38.063>SK <00:04:38.463>Telecom <00:04:39.083>has <00:04:39.310>established <00:04:39.903>a <00:04:40.039>dedicated <00:04:40.616>subsidiary <00:04:41.423>to <00:04:41.634>accelerate <00:04:42.183>the <00:04:42.350>development <00:04:42.890>of <00:04:43.012>hyperscale <00:04:43.903>AI <00:04:44.287>data <00:04:44.589>center <00:04:44.916>infrastructure

53
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<v Quote>creating <00:04:46.583>a <00:04:46.683>new <00:04:46.943>company <00:04:47.553>focused <00:04:47.930>on <00:04:48.027>building <00:04:48.436>up <00:04:48.596>to <00:04:48.783>15GW <00:04:50.170>of <00:04:50.383>AI <00:04:50.767>data <00:04:51.069>center <00:04:51.414>capacity <00:04:52.040>across <00:04:52.423>South <00:04:52.703>Korea <00:04:53.167>over <00:04:53.463>the <00:04:53.617>coming <00:04:53.903>decade.

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<v Quote>The <00:04:55.313>company’s <00:04:55.796>board <00:04:56.116>approved <00:04:56.563>the <00:04:56.685>creation <00:04:57.210>of <00:04:57.476>SK <00:04:57.996>Hyper

55
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<v Quote>alongside <00:04:59.396>an <00:04:59.547>investment <00:05:00.034>commitment <00:05:00.570>of <00:05:00.676>up <00:05:00.836>to <00:05:00.983>KRW <00:05:01.770>750 <00:05:02.193>billion ( <00:05:03.783>$540 <00:05:04.743>million) <00:05:05.773>through <00:05:06.143>2030 <00:05:06.783>to <00:05:06.993>support <00:05:07.407>site <00:05:07.716>acquisition

56
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<v Quote>substation <00:05:09.392>construction

57
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<v Quote>and <00:05:10.503>other <00:05:10.751>infrastructure <00:05:11.485>required <00:05:12.023>for <00:05:12.212>future <00:05:12.756>AI <00:05:13.094>campuses.

58
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<v Cassidy>Remember <00:05:14.431>that <00:05:14.679>$500 <00:05:15.369>billion <00:05:16.159>SK-NVIDIA <00:05:16.913>letter <00:05:17.146>of <00:05:17.256>intent <00:05:17.679>we <00:05:17.873>walked <00:05:18.109>through <00:05:18.346>on <00:05:18.419>the <00:05:18.559>26th?

59
00:05:19.759 --> 00:05:20.959
<v Cassidy>It's <00:05:20.119>got <00:05:20.279>a <00:05:20.367>name <00:05:20.639>now.

60
00:05:21.279 --> 00:05:26.559
<v Cassidy>SK <00:05:21.979>Telecom <00:05:22.447>just <00:05:22.687>spun <00:05:22.919>out <00:05:23.172>SK <00:05:23.519>Hyper <00:05:23.999>as <00:05:24.179>the <00:05:24.295>dedicated <00:05:24.856>entity <00:05:25.252>to <00:05:25.395>actually <00:05:25.732>build <00:05:26.019>the <00:05:26.146>thing.

61
00:05:26.906 --> 00:05:32.559
<v Cassidy>SK <00:05:27.652>Hyper <00:05:27.979>has <00:05:28.212>to <00:05:28.365>secure <00:05:28.751>land, <00:05:29.652>build <00:05:29.959>and <00:05:30.139>run <00:05:30.339>the <00:05:30.452>substations, <00:05:31.299>and <00:05:31.399>bring <00:05:31.626>in <00:05:31.751>customers.

62
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<v Cassidy>The <00:05:33.327>plan <00:05:33.572>calls <00:05:33.879>for <00:05:34.079>15 <00:05:34.539>gigawatts <00:05:35.096>across <00:05:35.506>Korea <00:05:35.869>through <00:05:36.159>2030.

63
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<v Bill>So <00:05:37.807>they <00:05:38.026>stood <00:05:38.212>up <00:05:38.399>a <00:05:38.552>subsidiary.

64
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<v Bill>Great. <00:05:40.692>An <00:05:41.039>org <00:05:41.346>chart <00:05:41.746>doesn't <00:05:42.303>conjure <00:05:42.719>a <00:05:42.856>single <00:05:43.259>megawatt <00:05:43.866>or <00:05:44.159>one <00:05:44.492>stick <00:05:45.012>of <00:05:45.279>HBM4.

65
00:05:46.479 --> 00:05:58.719
<v Bill>And <00:05:47.012>watch <00:05:47.319>the <00:05:47.499>numbers — <00:05:48.499>the <00:05:48.609>summary <00:05:49.039>says <00:05:49.559>$540 <00:05:50.939>billion, <00:05:52.226>while <00:05:52.599>the <00:05:52.783>body <00:05:53.119>says <00:05:53.839>750 <00:05:54.859>billion <00:05:55.379>won, <00:05:55.999>or <00:05:56.559>$540 <00:05:57.719>million.

66
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<v Bill>Those <00:05:59.579>are <00:05:59.812>three <00:06:00.148>orders <00:06:00.586>of <00:06:00.711>magnitude <00:06:01.439>apart.

67
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<v Bill>Somebody's <00:06:03.019>decimal <00:06:03.492>is <00:06:03.639>doing <00:06:03.899>a <00:06:03.989>lot <00:06:04.106>of <00:06:04.215>traveling.

68
00:06:06.129 --> 00:06:09.039
<v Cassidy>The <00:06:06.439>one <00:06:06.626>clean <00:06:07.023>read <00:06:07.332>is <00:06:07.459>the <00:06:07.599>substation <00:06:08.255>line.

69
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<v Cassidy>Whoever <00:06:09.492>wrote <00:06:09.791>that <00:06:09.953>looked <00:06:10.239>past <00:06:10.579>the <00:06:10.719>chips <00:06:11.139>and <00:06:11.247>went <00:06:11.466>straight <00:06:11.706>to <00:06:11.779>the <00:06:11.897>constraint: <00:06:12.659>getting <00:06:13.412>power <00:06:13.732>to <00:06:13.859>the <00:06:14.015>rack.

70
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<v Bill>Right. <00:06:16.049>New <00:06:16.376>entity, <00:06:17.135>same <00:06:17.583>bottlenecks.

71
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<v Bill>The <00:06:19.172>Rubin <00:06:19.506>queue <00:06:19.879>and <00:06:20.019>the <00:06:20.159>grid <00:06:20.519>don't <00:06:20.847>care <00:06:21.071>what <00:06:21.219>the <00:06:21.399>box <00:06:21.786>on <00:06:21.859>the <00:06:21.999>org <00:06:22.306>chart <00:06:22.692>is <00:06:22.868>called.

72
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<v Cassidy>Manju <00:06:24.464>AB, <00:06:24.934>writing <00:06:25.451>in <00:06:25.574>The <00:06:25.812>Financial <00:06:26.134>Express:

73
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<v Quote>CtrlS <00:06:30.431>Datacenters <00:06:31.131>has <00:06:31.361>secured <00:06:31.791>₹5,500 <00:06:32.898>crore <00:06:33.444>in <00:06:33.935>debt <00:06:34.255>financing <00:06:34.911>from <00:06:35.284>State <00:06:35.615>Bank <00:06:35.898>of <00:06:36.018>India(SBI) <00:06:37.591>and <00:06:37.761>Central <00:06:38.159>Bank <00:06:38.378>of <00:06:38.498>India <00:06:38.911>for <00:06:39.191>its <00:06:39.364>upcoming <00:06:39.855>data

74
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<v Quote>centre <00:06:40.488>campus <00:06:40.884>in <00:06:41.055>Hyderabad

75
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<v Quote>giving <00:06:42.311>a <00:06:42.418>major <00:06:42.831>boost <00:06:43.311>to <00:06:43.491>one <00:06:43.604>of <00:06:43.764>India’s <00:06:44.191>major <00:06:44.651>digital <00:06:45.114>infrastructure <00:06:45.782>projects.

76
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<v Quote>SBI <00:06:47.771>has <00:06:47.987>sanctioned <00:06:48.391>a <00:06:48.495>loan <00:06:48.804>of <00:06:48.951>₹4,000 <00:06:49.778>crore, <00:06:50.351>while <00:06:51.191>Central <00:06:51.519>Bank <00:06:51.738>of <00:06:51.858>India <00:06:52.223>will <00:06:52.401>provide <00:06:52.831>₹1,500 <00:06:53.858>crore, <00:06:54.799>bank <00:06:55.041>sources <00:06:55.439>said.

77
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<v Bill>This <00:06:56.389>is <00:06:56.589>the <00:06:56.749>one <00:06:56.901>that <00:06:57.155>closes <00:06:57.949>the <00:06:58.149>loop <00:06:58.549>for <00:06:58.922>me.

78
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<v Bill>New <00:07:00.325>York <00:07:00.829>froze <00:07:01.669>50 <00:07:02.149>megawatts <00:07:02.842>of <00:07:03.029>data-center <00:07:03.816>build <00:07:04.277>back <00:07:04.869>on <00:07:05.049>the <00:07:05.189>24th.

79
00:07:06.133 --> 00:07:12.629
<v Bill>CtrlS <00:07:07.445>just <00:07:07.909>funded <00:07:08.509>a <00:07:08.709>3.5-gigawatt <00:07:10.709>campus <00:07:11.349>in <00:07:11.749>Hyderabad.

80
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<v Bill>Capital <00:07:13.802>doesn't <00:07:14.197>wait <00:07:14.429>for <00:07:14.589>a <00:07:14.693>grid <00:07:15.029>permit — <00:07:16.202>it <00:07:16.405>buys <00:07:16.869>a <00:07:17.029>plane <00:07:17.498>ticket.

81
00:07:17.953 --> 00:07:26.149
<v Cassidy>And <00:07:18.202>it's <00:07:18.429>₹5,500 <00:07:19.722>crore <00:07:20.453>from <00:07:20.869>SBI <00:07:21.469>and <00:07:21.639>Central <00:07:22.037>Bank <00:07:22.256>of <00:07:22.416>India — <00:07:23.369>the <00:07:23.479>country's <00:07:24.049>two <00:07:24.289>biggest <00:07:24.755>public-sector <00:07:25.429>lenders.

82
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<v Cassidy>State-backed <00:07:27.402>money <00:07:27.722>is <00:07:27.909>bankrolling <00:07:28.682>AI <00:07:29.021>factories.

83
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<v Cassidy>That <00:07:30.421>puts <00:07:30.616>India <00:07:30.976>on <00:07:31.049>the <00:07:31.189>map <00:07:31.482>we <00:07:31.629>started <00:07:31.959>drawing <00:07:32.341>with <00:07:32.522>Alphabet's <00:07:33.069>$811B.

84
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<v Bill>The <00:07:35.646>structuring <00:07:36.320>detail <00:07:36.939>matters, <00:07:37.555>though.

85
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<v Bill>Project <00:07:39.119>finance <00:07:39.849>now, <00:07:40.349>lease-rental <00:07:41.322>discounting <00:07:41.976>later.

86
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<v Bill>Banks <00:07:43.469>are <00:07:43.625>treating <00:07:43.949>a <00:07:44.059>compute <00:07:44.629>campus <00:07:45.173>like <00:07:45.480>commercial <00:07:46.037>real <00:07:46.286>estate, <00:07:47.069>which <00:07:47.322>tells <00:07:47.629>you <00:07:47.797>they <00:07:48.058>expect <00:07:48.549>durable <00:07:49.178>tenant <00:07:49.680>demand.

87
00:07:50.410 --> 00:07:55.109
<v Cassidy>Sovereign <00:07:51.429>and <00:07:51.509>state <00:07:51.829>capital <00:07:52.362>is <00:07:52.509>showing <00:07:52.869>up <00:07:53.082>on <00:07:53.256>every <00:07:53.645>continent <00:07:54.197>this <00:07:54.453>week

88
00:07:55.141 --> 00:08:01.189
<v Cassidy>from <00:07:55.349>Nvidia <00:07:55.879>funding <00:07:56.325>OpenAI <00:07:57.162>to <00:07:57.429>SK <00:07:57.816>Hyper <00:07:58.202>in <00:07:58.416>Korea <00:07:59.049>and <00:07:59.409>now <00:07:59.749>SBI <00:08:00.282>in <00:08:00.461>Hyderabad.

89
00:08:02.059 --> 00:08:06.395
<v Cassidy>Five <00:08:02.359>straight <00:08:02.779>days <00:08:03.062>of <00:08:03.211>this, <00:08:03.935>and <00:08:04.075>I've <00:08:04.275>stopped <00:08:04.599>pretending <00:08:05.062>it's <00:08:05.235>the <00:08:05.435>sidebar.

90
00:08:06.395 --> 00:08:10.635
<v Bill>Yeah — <00:08:07.412>Monday, <00:08:08.015>the <00:08:08.128>story <00:08:08.455>was <00:08:08.715>one <00:08:09.025>company's <00:08:09.695>capex.

91
00:08:10.795 --> 00:08:13.835
<v Bill>Now <00:08:11.328>it <00:08:11.475>looks <00:08:11.707>like <00:08:11.915>a <00:08:12.057>synchronized <00:08:12.864>global <00:08:13.375>bet.

92
00:08:13.995 --> 00:08:21.995
<v Bill>And <00:08:14.495>the <00:08:14.605>failure <00:08:15.035>modes <00:08:15.495>are <00:08:15.755>boring: <00:08:16.795>HBM4, <00:08:18.035>megawatts, <00:08:19.175>and <00:08:19.635>whether <00:08:19.955>the <00:08:20.145>tenants <00:08:20.706>actually <00:08:21.403>sign.

93
00:08:23.389 --> 00:08:24.669
<v Cassidy>Here's <00:08:23.613>SendTech <00:08:24.122>Times:

94
00:08:25.258 --> 00:08:30.618
<v Quote>The <00:08:25.382>hardware <00:08:25.805>order <00:08:26.207>covers <00:08:26.978>27,500 <00:08:28.527>Nvidia <00:08:29.005>Rubin <00:08:29.498>GPUs

95
00:08:30.858 --> 00:08:38.298
<v Quote>13,750 <00:08:32.618>Nvidia <00:08:33.194>Vera <00:08:33.706>CPUs <00:08:34.338>and <00:08:34.760>Spectrum-X <00:08:35.631>Ethernet <00:08:36.109>networking <00:08:36.658>for <00:08:36.798>the <00:08:36.925>FRONTia <00:08:37.480>facility

96
00:08:38.325 --> 00:08:44.298
<v Quote>which <00:08:38.511>is <00:08:38.658>scheduled <00:08:39.071>to <00:08:39.218>start <00:08:39.467>construction <00:08:40.138>in <00:08:40.351>April <00:08:40.698>2027 <00:08:41.758>and <00:08:42.123>operations <00:08:42.805>in <00:08:42.938>June <00:08:43.338>2028.

97
00:08:44.498 --> 00:08:47.818
<v Quote>Model <00:08:45.551>development <00:08:46.154>will <00:08:46.285>begin <00:08:46.664>before <00:08:46.958>the <00:08:47.066>site <00:08:47.311>is <00:08:47.471>ready.

98
00:08:48.249 --> 00:08:50.369
<v Cassidy>Look <00:08:48.356>at <00:08:48.429>the <00:08:48.542>order <00:08:48.836>of <00:08:48.940>operations <00:08:49.513>here.

99
00:08:50.469 --> 00:09:00.569
<v Cassidy>Japan, <00:08:51.149>through <00:08:51.349>METI, <00:08:52.222>is <00:08:52.369>putting <00:08:52.769>¥387 <00:08:53.899>billion <00:08:54.352>behind <00:08:55.049>Noetra <00:08:55.796>to <00:08:56.196>build <00:08:56.382>domestic <00:08:56.862>robotics <00:08:57.369>models, <00:08:58.356>while <00:08:58.509>the <00:08:58.622>model-access <00:08:59.356>terms <00:08:59.709>are <00:08:59.809>still <00:09:00.105>open.

100
00:09:00.756 --> 00:09:04.809
<v Cassidy>Japan <00:09:01.716>is <00:09:01.819>funding <00:09:02.189>the <00:09:02.299>compute <00:09:02.695>before <00:09:02.996>it <00:09:03.116>knows <00:09:03.489>who <00:09:03.657>gets <00:09:03.876>to <00:09:03.989>run <00:09:04.217>what <00:09:04.462>on <00:09:04.649>it.

101
00:09:04.809 --> 00:09:14.890
<v Bill>And <00:09:05.018>look <00:09:05.237>at <00:09:05.330>the <00:09:05.512>hardware <00:09:06.077>order: <00:09:07.650>27,500 <00:09:09.290>Nvidia <00:09:09.850>Rubin <00:09:10.442>GPUs, <00:09:11.850>13,750 <00:09:13.546>Vera <00:09:14.090>CPUs.

102
00:09:15.754 --> 00:09:19.050
<v Bill>That's <00:09:15.970>the <00:09:16.138>same <00:09:16.410>Rubin <00:09:16.872>platform <00:09:17.423>going <00:09:17.722>into <00:09:17.890>the <00:09:18.077>Korea <00:09:18.490>builds.

103
00:09:19.237 --> 00:09:23.050
<v Bill>Japan <00:09:20.218>just <00:09:20.456>joined <00:09:20.750>the <00:09:20.867>memory <00:09:21.277>queue <00:09:21.667>behind <00:09:22.058>everybody <00:09:22.570>else.

104
00:09:23.317 --> 00:09:27.370
<v Bill>So <00:09:24.210>HBM4 <00:09:25.530>is <00:09:25.750>now <00:09:25.970>a <00:09:26.090>shared <00:09:26.635>bottleneck.

105
00:09:27.530 --> 00:09:38.410
<v Bill>Korea, <00:09:28.778>then <00:09:29.063>Japan — <00:09:30.290>everybody's <00:09:30.803>serialized <00:09:31.557>on <00:09:31.630>the <00:09:31.786>same <00:09:32.250>next-gen <00:09:33.040>silicon, <00:09:34.130>and <00:09:34.299>construction <00:09:34.930>doesn't <00:09:35.242>even <00:09:35.437>start <00:09:35.810>until <00:09:36.077>April <00:09:36.570>2027.

106
00:09:38.430 --> 00:09:39.690
<v Cassidy>And <00:09:38.538>that's <00:09:38.850>the <00:09:39.010>funny <00:09:39.290>part.

107
00:09:39.850 --> 00:09:42.650
<v Cassidy>The <00:09:40.410>44-member <00:09:41.183>group <00:09:41.503>includes <00:09:42.026>Sony

108
00:09:42.790 --> 00:09:45.050
<v Cassidy>NEC <00:09:43.423>Honda <00:09:43.790>and <00:09:43.946>SoftBank

109
00:09:45.098 --> 00:09:50.330
<v Cassidy>plus <00:09:45.330>a <00:09:45.423>whole <00:09:45.743>domestic-sovereignty <00:09:46.837>pitch — <00:09:47.870>and <00:09:47.957>it <00:09:48.070>all <00:09:48.314>runs <00:09:48.597>on <00:09:48.703>imported <00:09:49.199>Nvidia <00:09:49.681>hardware.

110
00:09:50.490 --> 00:09:54.433
<v Cassidy>They've <00:09:51.336>chosen <00:09:51.630>the <00:09:51.770>chip <00:09:52.136>before <00:09:52.442>they <00:09:52.602>have <00:09:52.757>an <00:09:52.858>inference <00:09:53.343>story <00:09:53.637>of <00:09:53.717>their <00:09:53.950>own.

111
00:09:54.433 --> 00:09:57.530
<v Bill>Standing <00:09:55.450>up <00:09:55.610>the <00:09:55.690>consortium <00:09:56.357>is <00:09:56.450>the <00:09:56.650>easy <00:09:57.050>part.

112
00:09:57.679 --> 00:10:06.250
<v Bill>Nobody <00:09:58.623>in <00:09:58.762>that <00:09:58.954>room <00:09:59.270>has <00:09:59.514>explained <00:10:00.170>where <00:10:00.610>the <00:10:00.810>interim <00:10:01.441>capacity <00:10:02.077>comes <00:10:02.490>from <00:10:02.924>before <00:10:03.690>FRONTia <00:10:04.376>lights <00:10:04.730>up <00:10:04.917>in <00:10:05.130>2028.

113
00:10:06.442 --> 00:10:10.010
<v Bill>They <00:10:07.237>haven't <00:10:07.498>even <00:10:07.770>named <00:10:08.210>all <00:10:08.370>the <00:10:08.560>interim <00:10:09.106>providers <00:10:09.690>yet.

114
00:10:11.466 --> 00:10:15.626
<v Cassidy>If <00:10:11.586>you <00:10:11.740>follow <00:10:12.053>AI’s <00:10:12.469>infrastructure <00:10:13.133>story, <00:10:13.973>check <00:10:14.146>out <00:10:14.306>The <00:10:14.474>Data <00:10:14.723>Center <00:10:15.146>Daily.

115
00:10:15.839 --> 00:10:24.186
<v Cassidy>It <00:10:16.312>covers <00:10:16.643>hyperscaler <00:10:17.368>spending, <00:10:18.206>the <00:10:18.319>power <00:10:18.666>grid, <00:10:19.352>semiconductor <00:10:20.026>supply, <00:10:20.766>and <00:10:21.126>how <00:10:21.439>AI <00:10:21.733>at <00:10:21.866>scale <00:10:22.346>is <00:10:22.570>reshaping <00:10:23.123>energy <00:10:23.546>markets.

116
00:10:24.330 --> 00:10:26.826
<v Cassidy>Find <00:10:24.959>it <00:10:25.102>wherever <00:10:25.406>you <00:10:25.512>listen <00:10:25.813>to <00:10:25.955>podcasts.

117
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<v Cassidy>What <00:10:27.692>we're <00:10:27.869>watching <00:10:28.271>starts <00:10:28.577>with <00:10:28.785>Axe <00:10:29.095>Compute, <00:10:29.932>which <00:10:30.115>expects <00:10:30.497>more <00:10:30.673>than <00:10:30.905>$534 <00:10:32.095>million <00:10:33.025>in <00:10:33.385>aggregate <00:10:33.789>customer <00:10:34.225>prepayments <00:10:34.911>within <00:10:35.265>30 <00:10:35.601>days.

118
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<v Cassidy>Construction <00:10:37.398>on <00:10:37.558>Noetra’s <00:10:38.038>FRONTia <00:10:38.465>facility <00:10:39.238>is <00:10:39.553>scheduled <00:10:40.005>for <00:10:40.145>April <00:10:40.705>2027, <00:10:42.097>with <00:10:42.283>operations <00:10:42.905>beginning <00:10:43.292>in <00:10:43.425>June <00:10:43.905>2028.

119
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<v Cassidy>In <00:10:45.633>Ohio, <00:10:46.358>if <00:10:46.497>that <00:10:46.673>deal <00:10:46.929>goes <00:10:47.235>through, <00:10:47.945>the <00:10:48.115>project <00:10:48.518>is <00:10:48.678>expected <00:10:49.132>to <00:10:49.235>deliver <00:10:49.638>up <00:10:49.798>to <00:10:49.985>800 <00:10:50.505>megawatts <00:10:51.052>of <00:10:51.158>electricity <00:10:51.798>by <00:10:52.065>2028.

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<v Cassidy>You’ll <00:10:53.873>find <00:10:54.105>links <00:10:54.358>to <00:10:54.505>every <00:10:54.772>story <00:10:55.132>in <00:10:55.205>the <00:10:55.313>show <00:10:55.558>notes <00:10:55.878>if <00:10:56.005>you’d <00:10:56.177>like <00:10:56.332>to <00:10:56.425>dig <00:10:56.614>deeper.

121
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<v Cassidy>That’s <00:10:58.252>AI <00:10:58.425>Daily <00:10:58.678>Briefing <00:10:59.065>for <00:10:59.265>today.

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<v Cassidy>This <00:11:00.705>is <00:11:00.905>a <00:11:01.005>Lantern <00:11:01.525>Podcast.