WEBVTT

1
00:00:00.256 --> 00:00:06.160
<v Cassidy>Meta's <00:00:00.427>building <00:00:00.674>enough <00:00:00.930>compute <00:00:01.333>to <00:00:01.493>power <00:00:01.840>a <00:00:01.947>small <00:00:02.140>country, <00:00:03.060>and <00:00:03.171>Zuckerberg's <00:00:03.800>now <00:00:03.968>wondering <00:00:04.440>out <00:00:04.640>loud <00:00:04.990>whether <00:00:05.227>to <00:00:05.344>sell <00:00:05.632>some <00:00:05.813>of <00:00:05.973>it.

2
00:00:06.288 --> 00:00:10.240
<v Cassidy>That's <00:00:06.960>new. <00:00:09.216>Here's <00:00:09.400>how <00:00:09.573>we <00:00:09.720>got <00:00:09.904>here.

3
00:00:10.507 --> 00:00:20.160
<v Cassidy>NAVER, <00:00:11.440>NVIDIA, <00:00:12.020>and <00:00:12.120>Brookfield <00:00:12.752>were <00:00:12.930>already <00:00:13.344>tied <00:00:13.653>to <00:00:13.800>a <00:00:13.893>reported <00:00:14.360>$10 <00:00:14.720>billion <00:00:15.408>push <00:00:16.027>to <00:00:16.272>take <00:00:16.453>South <00:00:16.773>Korea's <00:00:17.182>national <00:00:17.813>AI <00:00:18.150>factory <00:00:18.720>to <00:00:18.960>200 <00:00:19.400>megawatts.

4
00:00:20.320 --> 00:00:23.040
<v Cassidy>The <00:00:20.836>question <00:00:21.160>all <00:00:21.347>along <00:00:21.720>was <00:00:21.870>whether <00:00:22.120>the <00:00:22.304>financing

5
00:00:23.093 --> 00:00:28.240
<v Cassidy>chips <00:00:23.410>and <00:00:23.560>power <00:00:24.227>would <00:00:24.608>turn <00:00:24.832>that <00:00:25.000>announced <00:00:25.427>scale <00:00:25.792>into <00:00:26.000>capacity <00:00:26.686>people <00:00:26.987>could <00:00:27.164>actually <00:00:27.600>deploy.

6
00:00:28.400 --> 00:00:34.160
<v Cassidy>Until <00:00:29.260>now, <00:00:29.920>200 <00:00:30.360>megawatts <00:00:30.920>was <00:00:31.060>the <00:00:31.168>near-term <00:00:31.736>benchmark <00:00:32.260>for <00:00:32.360>the <00:00:32.507>whole <00:00:32.730>project.

7
00:00:34.208 --> 00:00:36.560
<v Bill>This <00:00:34.533>is <00:00:35.013>AI <00:00:35.520>Daily <00:00:35.973>Briefing.

8
00:00:36.760 --> 00:00:43.680
<v Bill>Gigawatt <00:00:37.822>campuses <00:00:38.360>are <00:00:38.533>going <00:00:38.880>up <00:00:39.120>on <00:00:39.320>three <00:00:39.600>continents, <00:00:40.840>and <00:00:41.020>one <00:00:41.264>financier's <00:00:42.064>name <00:00:42.387>keeps <00:00:42.790>showing <00:00:43.387>up.

9
00:00:44.000 --> 00:00:49.280
<v Bill>A <00:00:44.380>preprint <00:00:45.010>dropped <00:00:45.408>yesterday <00:00:45.888>that <00:00:46.160>quietly <00:00:46.813>undercuts <00:00:47.640>the <00:00:47.800>whole <00:00:48.071>spending <00:00:48.733>spree.

10
00:00:49.480 --> 00:00:51.120
<v Bill>Let's <00:00:50.267>start <00:00:50.432>with <00:00:50.656>Meta.

11
00:00:51.854 --> 00:00:53.814
<v Cassidy>From <00:00:51.987>Jonathan <00:00:52.474>Vanian <00:00:52.841>at <00:00:53.070>CNBC:

12
00:00:54.204 --> 00:00:56.764
<v Quote>Among <00:00:54.544>the <00:00:54.668>four <00:00:54.991>major <00:00:55.404>U.S. <00:00:55.701>hyperscalers

13
00:00:56.844 --> 00:01:03.964
<v Quote>Meta <00:00:57.217>is <00:00:57.364>the <00:00:57.548>only <00:00:57.884>one <00:00:58.156>that <00:00:58.324>doesn't <00:00:58.716>have <00:00:58.924>a <00:00:59.048>business <00:00:59.444>selling <00:00:59.764>cloud <00:01:00.007>infrastructure <00:01:00.644>and <00:01:00.835>services <00:01:01.500>even <00:01:01.895>though <00:01:02.004>its <00:01:02.174>capital <00:01:02.586>expenditures <00:01:03.391>rival <00:01:03.772>that

14
00:01:03.991 --> 00:01:06.284
<v Quote>of <00:01:04.084>its <00:01:04.284>peers. <00:01:04.904>But <00:01:05.351>in <00:01:05.461>recent <00:01:05.850>months

15
00:01:06.335 --> 00:01:13.084
<v Quote>Zuckerberg <00:01:06.884>has <00:01:07.052>been <00:01:07.280>floating <00:01:07.604>the <00:01:07.791>possibility <00:01:08.551>of <00:01:08.644>launching <00:01:09.084>a <00:01:09.204>cloud <00:01:09.475>business <00:01:10.071>as <00:01:10.164>a <00:01:10.264>way <00:01:10.497>to <00:01:10.636>take <00:01:10.820>advantage <00:01:11.351>of <00:01:11.444>its <00:01:11.626>capacity <00:01:12.191>stockpile <00:01:12.951>in <00:01:13.044>a

16
00:01:13.146 --> 00:01:14.684
<v Quote>resource-constrained <00:01:14.261>market.

17
00:01:15.047 --> 00:01:16.327
<v Cassidy>Meta's <00:01:15.307>the <00:01:15.427>odd <00:01:15.647>one <00:01:15.807>out <00:01:15.991>here.

18
00:01:17.034 --> 00:01:23.767
<v Cassidy>It's <00:01:17.167>the <00:01:17.319>only <00:01:17.487>one <00:01:17.660>of <00:01:17.787>the <00:01:17.895>four <00:01:18.144>hyperscalers <00:01:18.927>without <00:01:19.287>a <00:01:19.394>cloud <00:01:19.580>business <00:01:20.060>to <00:01:20.227>justify <00:01:20.747>capex <00:01:21.479>that <00:01:21.676>rivals <00:01:22.178>Amazon <00:01:22.767>and <00:01:22.967>Microsoft.

19
00:01:23.987 --> 00:01:27.527
<v Cassidy>Now <00:01:24.698>Zuckerberg's <00:01:25.344>openly <00:01:25.723>floating <00:01:26.047>one <00:01:26.194>on <00:01:26.267>the <00:01:26.371>earnings <00:01:26.807>call.

20
00:01:27.547 --> 00:01:36.087
<v Bill>The <00:01:27.676>honest <00:01:28.167>part <00:01:28.567>is <00:01:28.807>Zuckerberg's <00:01:29.783>line: <00:01:30.607>"How <00:01:31.095>much <00:01:31.367>do <00:01:31.547>you <00:01:31.687>monetize <00:01:32.535>something <00:01:33.047>today <00:01:33.527>versus <00:01:34.077>develop <00:01:34.636>future <00:01:35.161>assets."

21
00:01:36.247 --> 00:01:39.687
<v Bill>Every <00:01:37.127>hyperscaler <00:01:38.067>has <00:01:38.295>that <00:01:38.549>argument <00:01:39.074>in <00:01:39.187>private.

22
00:01:39.789 --> 00:01:42.527
<v Bill>Zuckerberg <00:01:40.871>just <00:01:41.191>said <00:01:41.474>it <00:01:41.587>out <00:01:41.879>loud.

23
00:01:42.527 --> 00:01:46.967
<v Cassidy>It's <00:01:43.087>the <00:01:43.239>same <00:01:43.420>pressure <00:01:43.863>that <00:01:43.973>pushed <00:01:44.327>Nvidia <00:01:44.839>from <00:01:45.031>chip <00:01:45.340>supplier <00:01:45.824>toward <00:01:46.238>landlord.

24
00:01:47.093 --> 00:01:52.607
<v Cassidy>Anyone <00:01:47.877>sitting <00:01:48.140>on <00:01:48.307>compute <00:01:48.775>ends <00:01:49.020>up <00:01:49.143>with <00:01:49.227>the <00:01:49.351>same <00:01:49.687>choice: <00:01:50.359>sell <00:01:50.887>it <00:01:51.180>or <00:01:51.500>hoard <00:01:51.820>it.

25
00:01:52.617 --> 00:02:02.327
<v Bill>But <00:01:52.711>look <00:01:53.020>at <00:01:53.147>the <00:01:53.287>price <00:01:53.740>of <00:01:53.879>that <00:01:54.067>dilemma: <00:01:55.207>free <00:01:55.623>cash <00:01:56.071>flow <00:01:56.423>down <00:01:56.887>ninety <00:01:57.437>percent <00:01:57.991>year <00:01:58.311>over <00:01:58.647>year, <00:01:59.467>the <00:01:59.594>stock <00:01:59.987>off <00:02:00.247>seven <00:02:00.727>after <00:02:01.220>hours.

26
00:02:02.385 --> 00:02:08.247
<v Bill>Zuckerberg <00:02:03.015>says <00:02:03.260>he's <00:02:03.477>getting <00:02:03.756>offers <00:02:04.247>at <00:02:04.447>a <00:02:04.687>"significant <00:02:05.767>premium" <00:02:06.711>over <00:02:06.999>what <00:02:07.180>he <00:02:07.367>paid.

27
00:02:08.359 --> 00:02:12.727
<v Bill>Fine, <00:02:09.335>Anthropic's <00:02:09.971>reportedly <00:02:10.460>in <00:02:10.647>line <00:02:10.994>to <00:02:11.100>lease <00:02:11.399>some <00:02:11.554>of <00:02:11.639>that <00:02:11.847>capacity.

28
00:02:12.887 --> 00:02:19.847
<v Bill>But <00:02:13.394>he <00:02:13.507>can't <00:02:13.831>sell <00:02:14.127>the <00:02:14.314>racks <00:02:14.674>he <00:02:14.807>needs <00:02:15.260>to <00:02:15.415>keep <00:02:15.687>Llama <00:02:16.074>competitive, <00:02:17.487>and <00:02:17.639>that's <00:02:17.887>the <00:02:18.047>trade-off <00:02:18.514>he <00:02:18.647>can't <00:02:19.047>hedge.

29
00:02:19.927 --> 00:02:20.687
<v Cassidy>Right.

30
00:02:20.807 --> 00:02:27.287
<v Cassidy>He's <00:02:21.167>never <00:02:21.415>sold <00:02:21.647>a <00:02:21.707>day <00:02:21.820>of <00:02:21.967>cloud <00:02:22.227>service, <00:02:23.147>and <00:02:23.227>the <00:02:23.333>market <00:02:23.655>just <00:02:23.895>docked <00:02:24.187>him <00:02:24.293>eleven <00:02:24.617>percent <00:02:25.007>for <00:02:25.147>the <00:02:25.271>year <00:02:25.567>while <00:02:25.820>he <00:02:25.967>figures <00:02:26.287>out <00:02:26.437>whether <00:02:26.700>to <00:02:26.874>start.

31
00:02:27.909 --> 00:02:29.829
<v Cassidy>Here's <00:02:28.371>Construction <00:02:28.698>Review <00:02:29.200>Online:

32
00:02:30.162 --> 00:02:39.442
<v Quote>A <00:02:30.306>coalition <00:02:30.942>led <00:02:31.202>by <00:02:31.415>Brookfield <00:02:32.042>and <00:02:32.242>NextEra <00:02:32.871>Energy <00:02:33.382>has <00:02:33.735>unveiled <00:02:34.242>plans <00:02:34.669>to <00:02:34.772>develop <00:02:35.202>a <00:02:35.402>$100 <00:02:35.942>billion <00:02:36.700>artificial <00:02:37.331>intelligence <00:02:37.986>data <00:02:38.288>center <00:02:38.631>campus <00:02:39.175>at

33
00:02:39.462 --> 00:02:43.362
<v Quote>the <00:02:39.642>U.S. <00:02:39.966>Department <00:02:40.429>of <00:02:40.539>Energy’s <00:02:41.022>Paducah <00:02:41.634>Site <00:02:41.815>in <00:02:41.972>western <00:02:42.384>Kentucky

34
00:02:43.411 --> 00:02:50.802
<v Quote>transforming <00:02:44.050>part <00:02:44.269>of <00:02:44.342>the <00:02:44.459>former <00:02:44.872>uranium <00:02:45.413>enrichment <00:02:45.992>complex <00:02:46.578>into <00:02:46.982>one <00:02:47.095>of <00:02:47.242>the <00:02:47.422>largest <00:02:48.002>AI <00:02:48.370>infrastructure <00:02:49.085>developments <00:02:49.682>ever <00:02:50.073>proposed <00:02:50.669>in <00:02:50.742>the

35
00:02:50.859 --> 00:02:51.762
<v Quote>United <00:02:51.271>States.

36
00:02:52.176 --> 00:03:04.736
<v Bill>Okay <00:02:52.784>here's <00:02:53.096>the <00:02:53.262>number <00:02:53.568>that <00:02:53.766>grounds <00:02:54.304>this <00:02:54.556>one: <00:02:55.456>4.6 <00:02:56.576>gigawatts <00:02:57.296>of <00:02:57.536>new <00:02:57.849>generation <00:02:58.669>built <00:02:59.216>exclusively <00:03:00.136>for <00:03:00.276>the <00:03:00.427>campus—2 <00:03:01.920>gigs <00:03:02.203>of <00:03:02.416>gas <00:03:02.976>and <00:03:03.376>2.6 <00:03:04.240>gigs <00:03:04.576>of

37
00:03:04.796 --> 00:03:11.296
<v Bill>battery <00:03:05.286>storage. <00:03:06.064>NextEra <00:03:07.248>owns <00:03:07.756>and <00:03:07.993>builds <00:03:08.356>the <00:03:08.496>power; <00:03:09.109>Brookfield <00:03:10.192>runs <00:03:10.596>the <00:03:10.716>compute.

38
00:03:11.403 --> 00:03:16.496
<v Bill>There's <00:03:12.043>an <00:03:12.153>actual <00:03:12.592>site <00:03:13.056>and <00:03:13.336>a <00:03:13.440>real <00:03:13.747>generation <00:03:14.352>plan, <00:03:14.912>with <00:03:15.358>partners <00:03:15.918>attached.

39
00:03:16.624 --> 00:03:20.416
<v Bill>That's <00:03:17.248>more <00:03:17.408>than <00:03:17.563>we've <00:03:17.810>gotten <00:03:18.064>from <00:03:18.320>most <00:03:18.627>announcements <00:03:19.344>this <00:03:19.600>week.

40
00:03:20.436 --> 00:03:23.056
<v Cassidy>And <00:03:20.549>it <00:03:20.696>sharpens <00:03:21.076>the <00:03:21.189>question <00:03:21.696>I <00:03:21.824>keep <00:03:22.076>circling.

41
00:03:23.136 --> 00:03:29.616
<v Cassidy>This <00:03:23.509>is <00:03:23.666>private <00:03:24.069>money <00:03:24.389>on <00:03:24.536>a <00:03:24.612>Department <00:03:25.003>of <00:03:25.113>Energy <00:03:25.536>site—a <00:03:26.473>former <00:03:26.886>uranium <00:03:27.420>enrichment <00:03:27.926>complex <00:03:28.469>on <00:03:28.626>federal <00:03:29.072>land.

42
00:03:29.829 --> 00:03:34.496
<v Cassidy>So <00:03:30.283>if <00:03:30.363>it <00:03:30.464>goes <00:03:30.709>sideways <00:03:31.189>in <00:03:31.376>2032, <00:03:32.616>whose <00:03:32.878>exposure <00:03:33.429>is <00:03:33.589>it, <00:03:33.846>exactly?

43
00:03:35.281 --> 00:03:38.096
<v Cassidy>And <00:03:35.344>look <00:03:35.556>who's <00:03:35.806>leading <00:03:36.036>the <00:03:36.160>coalition: <00:03:37.109>Brookfield.

44
00:03:38.203 --> 00:03:43.456
<v Cassidy>It's <00:03:38.536>the <00:03:38.704>same <00:03:38.936>financial <00:03:39.360>firm <00:03:39.648>that <00:03:39.838>surfaces <00:03:40.380>whenever <00:03:40.772>somebody <00:03:41.104>announces <00:03:41.616>a <00:03:41.736>continent-sized <00:03:42.549>build <00:03:42.848>this <00:03:43.056>week.

45
00:03:43.696 --> 00:03:48.336
<v Cassidy>It's <00:03:44.306>quietly <00:03:44.709>becoming <00:03:45.156>the <00:03:45.266>counterparty <00:03:45.963>to <00:03:46.069>an <00:03:46.229>awful <00:03:46.556>lot <00:03:46.763>of <00:03:46.887>concrete.

46
00:03:48.445 --> 00:03:56.416
<v Bill>Zuckerberg <00:03:49.616>just <00:03:50.003>spent <00:03:50.376>his <00:03:50.558>earnings <00:03:51.136>call <00:03:51.632>agonizing <00:03:52.784>over <00:03:53.056>how <00:03:53.344>much <00:03:53.616>capacity <00:03:54.309>to <00:03:54.544>sell <00:03:55.136>and <00:03:55.416>how <00:03:55.584>much <00:03:55.829>to <00:03:56.016>keep.

47
00:03:56.520 --> 00:04:05.376
<v Bill>Meanwhile, <00:03:57.824>here's <00:03:58.176>a <00:03:58.296>$100 <00:03:58.996>billion <00:03:59.776>campus <00:04:00.304>promising <00:04:00.896>1.2 <00:04:01.856>gigawatts <00:04:02.549>of <00:04:02.746>compute <00:04:03.456>by <00:04:03.776>2032.

48
00:04:05.447 --> 00:04:10.816
<v Bill>Everyone's <00:04:06.146>pouring <00:04:06.556>foundations <00:04:07.266>against <00:04:07.683>projections <00:04:08.530>nobody's <00:04:09.376>stress-tested.

49
00:04:10.856 --> 00:04:14.256
<v Cassidy>And <00:04:10.992>they <00:04:11.088>made <00:04:11.296>a <00:04:11.416>point <00:04:11.643>of <00:04:11.730>saying <00:04:12.016>costs <00:04:12.476>won't <00:04:12.776>hit <00:04:12.943>residential <00:04:13.504>ratepayers.

50
00:04:14.376 --> 00:04:18.576
<v Cassidy>Which <00:04:15.003>is <00:04:15.096>the <00:04:15.264>kind <00:04:15.483>of <00:04:15.580>sentence <00:04:15.976>you <00:04:16.144>only <00:04:16.389>write <00:04:16.688>when <00:04:16.856>someone's <00:04:17.266>already <00:04:17.656>asked <00:04:17.876>the <00:04:17.998>question.

51
00:04:19.421 --> 00:04:21.021
<v Cassidy>Converge <00:04:19.981>Digest <00:04:20.530>writes:

52
00:04:21.463 --> 00:04:22.223
<v Quote>NAVER

53
00:04:22.274 --> 00:04:31.543
<v Quote>NVIDIA <00:04:22.663>and <00:04:22.956>Brookfield <00:04:23.623>announced <00:04:24.410>plans <00:04:24.770>to <00:04:24.892>expand <00:04:25.370>Korea’s <00:04:25.903>sovereign <00:04:26.396>AI <00:04:26.727>infrastructure <00:04:27.730>by <00:04:27.993>growing <00:04:28.363>the <00:04:28.483>initial <00:04:28.972>NVIDIA <00:04:29.570>DSX <00:04:30.236>AI <00:04:30.563>factory <00:04:31.034>deployment

54
00:04:31.703 --> 00:04:38.823
<v Quote>at <00:04:32.103>NAVER’s <00:04:32.543>GAK <00:04:32.823>Sejong <00:04:33.292>hyperscale <00:04:33.927>data <00:04:34.229>center <00:04:34.583>from <00:04:34.983>55 <00:04:35.756>MW <00:04:36.263>to <00:04:36.583>200 <00:04:37.330>MW <00:04:37.756>by <00:04:37.943>2028.

55
00:04:39.083 --> 00:04:47.863
<v Quote>The <00:04:39.923>project <00:04:40.394>represents <00:04:40.943>the <00:04:41.111>next <00:04:41.370>phase <00:04:41.730>of <00:04:41.823>a <00:04:41.913>broader <00:04:42.343>roadmap <00:04:42.956>in <00:04:43.103>which <00:04:43.383>NAVER <00:04:43.683>intends <00:04:44.156>to <00:04:44.320>deploy <00:04:44.716>up <00:04:44.903>to <00:04:45.143>1 <00:04:45.516>GW <00:04:45.996>of <00:04:46.210>AI <00:04:46.476>infrastructure <00:04:47.303>to <00:04:47.513>support

56
00:04:47.930 --> 00:04:50.503
<v Quote>enterprises <00:04:48.728>government <00:04:49.463>agencies

57
00:04:50.547 --> 00:04:54.583
<v Quote>startups <00:04:51.203>and <00:04:51.516>AI <00:04:51.850>cloud <00:04:52.231>customers <00:04:52.716>in <00:04:52.916>Korea <00:04:53.443>and <00:04:53.678>internationally.

58
00:04:54.851 --> 00:05:03.811
<v Cassidy>Today <00:04:55.278>we <00:04:55.371>get <00:04:55.511>the <00:04:55.605>number <00:04:55.851>for <00:04:56.051>NAVER <00:04:56.511>and <00:04:56.760>Nvidia <00:04:57.224>in <00:04:57.411>Korea: <00:04:58.111>the <00:04:58.611>55-megawatt <00:04:59.918>AI <00:05:00.201>factory <00:05:00.760>scales <00:05:01.224>to <00:05:01.491>200 <00:05:02.104>by <00:05:02.371>2028

59
00:05:03.891 --> 00:05:06.291
<v Cassidy>inside <00:05:04.411>a <00:05:04.497>stated <00:05:04.851>one-gigawatt <00:05:05.651>roadmap.

60
00:05:07.408 --> 00:05:10.899
<v Cassidy>Nvidia's <00:05:07.689>putting <00:05:07.926>in <00:05:08.019>a <00:05:08.119>billion, <00:05:08.992>Brookfield <00:05:09.472>up <00:05:09.632>to <00:05:09.771>nine <00:05:09.969>billion.

61
00:05:10.972 --> 00:05:12.619
<v Cassidy>Brookfield <00:05:11.619>keeps <00:05:11.869>popping <00:05:12.326>up.

62
00:05:12.832 --> 00:05:16.859
<v Cassidy>It <00:05:13.312>backs <00:05:13.599>the <00:05:13.726>Korea <00:05:14.126>build <00:05:14.499>and <00:05:14.667>sits <00:05:14.886>in <00:05:14.959>the <00:05:15.079>Paducah <00:05:15.727>coalition <00:05:16.032>we <00:05:16.171>just <00:05:16.359>covered.

63
00:05:17.126 --> 00:05:20.059
<v Cassidy>It <00:05:17.707>even <00:05:17.949>threads <00:05:18.319>through <00:05:18.479>the <00:05:18.619>Nebius <00:05:19.072>story <00:05:19.385>coming <00:05:19.766>up.

64
00:05:20.981 --> 00:05:24.701
<v Cassidy>One <00:05:21.161>balance <00:05:21.634>sheet, <00:05:22.328>three <00:05:22.519>continents <00:05:23.154>of <00:05:23.394>AI <00:05:23.741>concrete.

65
00:05:24.701 --> 00:05:32.541
<v Bill>The <00:05:25.085>date's <00:05:25.441>the <00:05:25.581>tell <00:05:25.941>for <00:05:26.141>me: <00:05:27.021>200 <00:05:27.661>megawatts <00:05:28.381>by <00:05:28.701>2028, <00:05:29.954>on <00:05:30.125>Vera <00:05:30.461>Rubin <00:05:30.921>and <00:05:31.181>Blackwell <00:05:31.831>systems.

66
00:05:33.554 --> 00:05:40.165
<v Bill>NAVER <00:05:33.821>is <00:05:34.025>standing <00:05:34.434>in <00:05:34.561>the <00:05:34.728>exact <00:05:35.373>same <00:05:35.901>silicon <00:05:36.541>line <00:05:36.994>as <00:05:37.314>everyone <00:05:37.789>else <00:05:38.025>announcing <00:05:38.521>gigawatts <00:05:39.149>this <00:05:39.405>week.

67
00:05:40.165 --> 00:05:43.981
<v Cassidy>And <00:05:40.641>the <00:05:40.738>announcement <00:05:41.245>came <00:05:41.524>during <00:05:41.701>President <00:05:42.141>Lee's <00:05:42.541>San <00:05:42.837>Francisco <00:05:43.421>visit.

68
00:05:44.141 --> 00:05:49.805
<v Cassidy>This <00:05:44.821>has <00:05:44.985>government-level <00:05:45.709>sovereign <00:05:46.274>AI <00:05:46.611>backing, <00:05:47.629>well <00:05:47.878>beyond <00:05:48.261>a <00:05:48.335>vendor <00:05:48.594>press <00:05:48.931>release.

69
00:05:49.805 --> 00:05:58.461
<v Bill>Right, <00:05:50.501>but <00:05:50.690>Nvidia <00:05:51.141>still <00:05:51.421>owns <00:05:51.781>the <00:05:51.968>stack, <00:05:52.573>from <00:05:52.768>multi-tenant <00:05:53.494>operations <00:05:54.241>and <00:05:54.365>lifecycle <00:05:55.039>software <00:05:55.901>to <00:05:56.141>token <00:05:56.606>throughput <00:05:57.361>per <00:05:57.741>megawatt.

70
00:05:59.246 --> 00:06:01.346
<v Bill>The <00:05:59.313>sovereignty <00:05:59.893>lives <00:06:00.306>in <00:06:00.486>the <00:06:00.610>data <00:06:00.923>center.

71
00:06:01.493 --> 00:06:09.586
<v Bill>HyperCLOVA <00:06:02.706>X <00:06:02.946>is <00:06:03.170>even <00:06:03.526>rebasing <00:06:04.199>on <00:06:04.366>Nemotron, <00:06:05.719>so <00:06:05.866>a <00:06:05.966>lot <00:06:06.226>rides <00:06:06.679>on <00:06:06.866>one <00:06:07.168>supplier's <00:06:07.896>roadmap <00:06:08.457>actually <00:06:09.088>shipping.

72
00:06:10.228 --> 00:06:11.268
<v Cassidy>Here's <00:06:10.516>DataMagz:

73
00:06:11.855 --> 00:06:18.895
<v Quote>AI <00:06:12.148>cloud <00:06:12.465>company <00:06:12.895>Nebius <00:06:13.495>has <00:06:13.659>revealed <00:06:14.066>additional <00:06:14.635>details <00:06:15.095>about <00:06:15.355>its <00:06:15.575>planned <00:06:15.924>hyperscale <00:06:16.655>data <00:06:17.009>center <00:06:17.272>campus <00:06:17.668>in <00:06:17.824>Pennsylvania

74
00:06:18.943 --> 00:06:24.735
<v Quote>outlining <00:06:19.455>a <00:06:19.581>phased <00:06:19.902>development <00:06:20.447>that <00:06:20.615>could <00:06:20.866>ultimately <00:06:21.425>deliver <00:06:21.855>1.2 <00:06:22.635>gigawatts <00:06:23.415>(GW) <00:06:23.597>of <00:06:23.655>computing <00:06:24.077>capacity.

75
00:06:24.915 --> 00:06:29.215
<v Quote>The <00:06:25.535>Nasdaq-listed <00:06:26.385>company <00:06:26.762>is <00:06:26.859>developing <00:06:27.315>the <00:06:27.437>facility <00:06:27.988>in <00:06:28.141>Butler <00:06:28.486>Township

76
00:06:29.255 --> 00:06:32.415
<v Quote>Schuylkill <00:06:29.764>County <00:06:30.529>within <00:06:30.799>Highridge <00:06:31.339>Business <00:06:31.759>Park

77
00:06:32.455 --> 00:06:36.735
<v Quote>approximately <00:06:33.135>55 <00:06:33.762>miles <00:06:34.215>(89 <00:06:34.786>kilometers) <00:06:35.743>west <00:06:35.988>of <00:06:36.135>Allentown.

78
00:06:37.241 --> 00:06:42.681
<v Bill>So <00:06:37.494>after <00:06:38.041>Paducah <00:06:38.681>and <00:06:39.054>NAVER, <00:06:40.169>here's <00:06:40.521>Nebius <00:06:41.268>in <00:06:41.538>Butler <00:06:41.961>Township.

79
00:06:42.761 --> 00:06:52.681
<v Bill>The <00:06:43.081>site <00:06:43.458>covers <00:06:44.041>600 <00:06:44.601>acres <00:06:45.081>and <00:06:45.421>six <00:06:45.801>single-story <00:06:46.745>buildings, <00:06:47.833>with <00:06:47.981>the <00:06:48.094>first <00:06:48.521>260 <00:06:49.541>megawatts <00:06:50.137>live <00:06:50.601>by <00:06:50.831>October <00:06:51.481>2027.

80
00:06:53.155 --> 00:06:59.321
<v Bill>Unlike <00:06:53.281>the <00:06:53.457>coalition <00:06:54.041>deals <00:06:54.494>we <00:06:54.681>just <00:06:55.047>walked <00:06:55.371>through, <00:06:56.233>this <00:06:56.421>one's <00:06:56.734>fully <00:06:57.094>owned <00:06:57.621>and <00:06:57.863>operated <00:06:58.441>by <00:06:58.661>Nebius.

81
00:06:59.534 --> 00:07:02.385
<v Bill>No <00:07:00.014>Brookfield <00:07:00.628>in <00:07:00.701>the <00:07:00.861>cap <00:07:01.228>table <00:07:01.614>on <00:07:01.769>this <00:07:02.021>one.

82
00:07:02.385 --> 00:07:05.481
<v Cassidy>Which <00:07:02.885>actually <00:07:03.281>makes <00:07:03.508>it <00:07:03.601>the <00:07:03.761>cleanest <00:07:04.169>data <00:07:04.414>point <00:07:04.708>in <00:07:04.781>the <00:07:04.921>batch.

83
00:07:05.801 --> 00:07:10.521
<v Cassidy>A <00:07:06.201>Nasdaq-listed <00:07:07.054>cloud <00:07:07.371>company <00:07:07.774>is <00:07:07.911>putting <00:07:08.181>its <00:07:08.401>own <00:07:08.585>name <00:07:08.894>on <00:07:09.081>1.2 <00:07:09.781>gigawatts

84
00:07:10.601 --> 00:07:14.841
<v Cassidy>built <00:07:11.028>in <00:07:11.172>phases: <00:07:12.441>260 <00:07:13.428>in <00:07:13.501>the <00:07:13.601>first <00:07:13.881>phase

85
00:07:14.921 --> 00:07:20.414
<v Cassidy>660 <00:07:15.934>by <00:07:16.201>2029 <00:07:17.753>then <00:07:17.929>more <00:07:18.137>than <00:07:18.241>a <00:07:18.361>gigawatt <00:07:18.974>at <00:07:19.145>full <00:07:19.494>build.

86
00:07:20.421 --> 00:07:22.681
<v Bill>And <00:07:20.487>notice <00:07:20.809>what <00:07:21.021>the <00:07:21.148>phase-one <00:07:21.881>date <00:07:22.281>does.

87
00:07:22.831 --> 00:07:27.401
<v Bill>October <00:07:24.041>2027 <00:07:25.281>for <00:07:25.421>the <00:07:25.548>first <00:07:26.121>260.

88
00:07:27.561 --> 00:07:35.108
<v Bill>That's <00:07:28.301>the <00:07:28.441>honest <00:07:28.990>number—everything <00:07:30.241>after <00:07:30.489>that <00:07:30.734>is <00:07:30.881>a <00:07:30.972>projection <00:07:31.607>nobody's <00:07:32.498>stress-tested <00:07:33.361>against <00:07:33.681>the <00:07:33.871>silicon <00:07:34.441>supply.

89
00:07:35.108 --> 00:07:37.241
<v Cassidy>That's <00:07:35.689>what <00:07:35.761>I've <00:07:35.913>been <00:07:36.085>watching <00:07:36.501>all <00:07:36.761>week.

90
00:07:37.339 --> 00:07:41.481
<v Cassidy>Everyone's <00:07:38.383>announcing <00:07:38.681>2029 <00:07:39.545>full-build <00:07:40.183>capacity <00:07:40.734>on <00:07:40.934>paper.

91
00:07:41.721 --> 00:07:45.081
<v Cassidy>If <00:07:42.228>it <00:07:42.321>doesn't <00:07:42.633>show <00:07:42.814>up <00:07:42.948>on <00:07:43.072>schedule, <00:07:44.161>who <00:07:44.334>takes <00:07:44.621>the <00:07:44.761>hit?

92
00:07:45.321 --> 00:07:49.241
<v Cassidy>Here, <00:07:46.334>at <00:07:46.414>least, <00:07:46.781>the <00:07:46.887>answer's <00:07:47.435>simple: <00:07:47.901>Nebius.

93
00:07:49.261 --> 00:07:57.041
<v Bill>And <00:07:49.353>this <00:07:49.534>is <00:07:49.681>a <00:07:49.771>company <00:07:50.153>that <00:07:50.329>just <00:07:50.578>pulled <00:07:50.961>a <00:07:51.161>775 <00:07:52.651>million <00:07:53.058>dollar <00:07:53.465>debt <00:07:53.792>facility <00:07:54.494>to <00:07:54.857>fund <00:07:55.281>the <00:07:55.494>cloud <00:07:56.057>side.

94
00:07:57.241 --> 00:08:02.041
<v Bill>So <00:07:57.801>a <00:07:58.041>lot's <00:07:58.487>riding <00:07:58.814>on <00:07:58.974>those <00:07:59.332>phases <00:07:59.961>landing <00:08:00.569>when <00:08:00.793>they <00:08:01.001>say <00:08:01.289>they <00:08:01.545>will.

95
00:08:02.968 --> 00:08:07.448
<v Cassidy>Yukiyasu <00:08:03.688>Kamitani, <00:08:04.948>Ken <00:08:05.160>Shirakawa, <00:08:06.018>writing <00:08:06.675>in <00:08:06.781>Arxiv:

96
00:08:09.662 --> 00:08:16.382
<v Quote>Generative <00:08:10.249>AI <00:08:10.532>removes <00:08:11.054>that <00:08:11.240>difficulty, <00:08:12.242>and <00:08:12.355>an <00:08:12.522>old <00:08:12.769>error <00:08:13.172>returns <00:08:13.689>on <00:08:13.782>a <00:08:13.902>scale <00:08:14.342>and <00:08:14.515>at <00:08:14.662>a <00:08:14.769>speed <00:08:15.155>it <00:08:15.329>never <00:08:15.722>had <00:08:15.959>before.

97
00:08:16.649 --> 00:08:21.742
<v Quote>We <00:08:17.239>locate <00:08:17.602>the <00:08:17.722>problem <00:08:18.182>not <00:08:18.355>in <00:08:18.515>evidence <00:08:18.982>growing <00:08:19.331>weaker <00:08:19.822>but <00:08:20.115>in <00:08:20.282>how <00:08:20.533>surprise <00:08:21.155>is <00:08:21.312>counted.

98
00:08:22.598 --> 00:08:30.422
<v Bill>Okay, <00:08:22.955>after <00:08:23.302>a <00:08:23.430>week <00:08:23.649>of <00:08:23.782>gigawatts <00:08:24.562>and <00:08:24.792>hundred-billion-dollar <00:08:26.262>campuses, <00:08:27.334>here's <00:08:27.662>the <00:08:27.835>paper <00:08:28.193>nobody <00:08:28.822>at <00:08:29.062>Paducah <00:08:29.782>is <00:08:29.992>reading.

99
00:08:30.622 --> 00:08:37.222
<v Bill>Kamitani <00:08:31.762>and <00:08:32.006>Shirakawa <00:08:32.830>submitted <00:08:33.742>"Phantom <00:08:34.342>Evidence" <00:08:35.275>to <00:08:35.489>arXiv <00:08:36.262>two <00:08:36.566>days <00:08:36.902>ago.

100
00:08:37.355 --> 00:08:43.542
<v Bill>Their <00:08:38.075>claim <00:08:38.422>is <00:08:38.649>blunt: <00:08:39.576>higher <00:08:39.847>resolution <00:08:40.542>and <00:08:40.702>greater <00:08:41.042>fluency <00:08:41.682>add <00:08:42.246>zero <00:08:42.893>evidence.

101
00:08:43.902 --> 00:08:48.982
<v Bill>A <00:08:44.310>prettier, <00:08:44.790>more <00:08:45.033>convincing <00:08:45.611>output <00:08:46.129>still <00:08:46.722>has <00:08:46.942>a <00:08:47.046>hard <00:08:47.362>ceiling <00:08:47.862>on <00:08:48.054>what <00:08:48.209>it <00:08:48.322>can <00:08:48.569>prove.

102
00:08:49.162 --> 00:08:53.542
<v Bill>Letting <00:08:49.882>the <00:08:49.995>model <00:08:50.315>grade <00:08:50.622>its <00:08:50.802>own <00:08:51.044>homework <00:08:51.582>doesn't <00:08:51.929>raise <00:08:52.294>that <00:08:52.482>ceiling.

103
00:08:53.574 --> 00:08:55.702
<v Cassidy>They <00:08:53.742>trace <00:08:53.969>it <00:08:54.070>back <00:08:54.289>to <00:08:54.392>Francis <00:08:54.822>Bacon.

104
00:08:55.798 --> 00:09:00.662
<v Cassidy>Four <00:08:56.222>centuries <00:08:56.662>ago, <00:08:57.115>he <00:08:57.279>warned <00:08:57.654>that <00:08:57.822>looking <00:08:58.167>convincing <00:08:58.902>shouldn't <00:08:59.595>count <00:08:59.915>as <00:09:00.084>evidence.

105
00:09:00.822 --> 00:09:04.582
<v Cassidy>Generative <00:09:01.995>AI <00:09:02.322>has <00:09:02.567>industrialized <00:09:03.654>that <00:09:03.842>old <00:09:04.102>error.

106
00:09:05.513 --> 00:09:08.023
<v Cassidy>The <00:09:05.612>timing <00:09:06.076>is <00:09:06.240>almost <00:09:06.683>too <00:09:07.090>on-the-nose.

107
00:09:08.263 --> 00:09:17.143
<v Cassidy>We <00:09:08.775>just <00:09:08.943>spent <00:09:09.175>this <00:09:09.343>segment <00:09:09.676>on <00:09:09.863>Meta <00:09:10.233>guiding <00:09:10.610>to <00:09:10.743>a <00:09:10.863>hundred-thirty-plus <00:09:11.913>billion <00:09:12.316>in <00:09:12.503>capex <00:09:13.283>and <00:09:13.763>Nebius <00:09:14.290>lighting <00:09:14.556>up <00:09:14.823>1.2 <00:09:15.603>gigawatts <00:09:16.130>in <00:09:16.245>Pennsylvania

108
00:09:17.323 --> 00:09:22.623
<v Cassidy>all <00:09:17.927>justified <00:09:18.556>by <00:09:18.730>projections <00:09:19.495>that <00:09:19.671>more <00:09:19.943>compute <00:09:20.596>means <00:09:21.109>better <00:09:21.473>outputs.

109
00:09:22.727 --> 00:09:29.063
<v Cassidy>This <00:09:23.203>preprint <00:09:23.673>quietly <00:09:24.135>says: <00:09:24.773>measure <00:09:25.583>whether <00:09:25.903>the <00:09:26.067>convincing <00:09:26.560>answer <00:09:26.956>still <00:09:27.276>shows <00:09:27.596>up <00:09:27.735>when <00:09:27.883>the <00:09:27.989>target <00:09:28.316>is <00:09:28.503>absent.

110
00:09:29.250 --> 00:09:32.023
<v Cassidy>Bacon's <00:09:30.330>table <00:09:30.716>of <00:09:30.903>absence.

111
00:09:32.071 --> 00:09:33.863
<v Bill>That's <00:09:32.383>the <00:09:32.567>part <00:09:32.855>that <00:09:33.050>keeps <00:09:33.436>me <00:09:33.623>up.

112
00:09:34.023 --> 00:09:42.583
<v Bill>Nobody <00:09:35.023>signing <00:09:35.383>a <00:09:35.543>4.6-gigawatt <00:09:36.970>power <00:09:37.367>deal <00:09:37.783>is <00:09:38.160>asking <00:09:38.535>what <00:09:38.683>the <00:09:38.836>extra <00:09:39.383>fluency <00:09:40.076>actually <00:09:40.647>buys <00:09:41.276>in <00:09:41.447>true <00:09:41.783>findings.

113
00:09:42.783 --> 00:09:50.663
<v Bill>The <00:09:43.433>authors <00:09:43.843>say <00:09:44.043>the <00:09:44.165>fraction <00:09:44.690>of <00:09:44.799>published <00:09:45.363>results <00:09:45.831>that <00:09:46.087>hold <00:09:46.450>up <00:09:46.783>drops <00:09:47.436>right <00:09:47.751>back <00:09:47.996>to <00:09:48.130>where <00:09:48.316>it <00:09:48.503>was <00:09:48.800>before <00:09:49.183>you <00:09:49.383>ran <00:09:49.694>anything.

114
00:09:50.707 --> 00:09:54.663
<v Cassidy>Building <00:09:51.083>the <00:09:51.203>fastest <00:09:51.676>possible <00:09:52.173>machine <00:09:52.703>for <00:09:52.880>manufacturing <00:09:53.676>false <00:09:54.007>positives.

115
00:09:54.903 --> 00:09:59.943
<v Cassidy>At <00:09:55.490>scale, <00:09:56.343>on <00:09:56.574>schedule, <00:09:57.431>with <00:09:57.663>a <00:09:57.823>PPL <00:09:58.320>energy <00:09:58.711>agreement <00:09:59.214>attached.

116
00:10:00.860 --> 00:10:06.300
<v Cassidy>If <00:10:01.073>AI <00:10:01.393>Daily <00:10:01.713>Briefing <00:10:02.113>helps <00:10:02.400>you <00:10:02.508>stay <00:10:02.762>informed, <00:10:03.732>subscribe <00:10:04.420>and <00:10:04.567>leave <00:10:04.740>a <00:10:04.837>review <00:10:05.216>wherever <00:10:05.520>you're <00:10:05.708>listening.

117
00:10:06.487 --> 00:10:10.780
<v Cassidy>It <00:10:06.900>helps <00:10:07.127>other <00:10:07.294>people <00:10:07.564>find <00:10:07.840>the <00:10:07.980>show, <00:10:08.740>and <00:10:08.940>we <00:10:09.146>really <00:10:09.471>appreciate <00:10:10.020>the <00:10:10.200>support.

118
00:10:11.611 --> 00:10:16.491
<v Cassidy>We're <00:10:11.807>watching <00:10:12.131>for <00:10:12.331>NAVER's <00:10:12.944>AI <00:10:13.264>agent <00:10:13.593>platform <00:10:14.137>launch <00:10:14.464>in <00:10:14.638>Korea <00:10:15.024>in <00:10:15.151>the <00:10:15.245>second <00:10:15.515>half <00:10:15.798>of <00:10:15.899>this <00:10:16.155>year.

119
00:10:16.651 --> 00:10:23.771
<v Cassidy>The <00:10:17.171>first <00:10:17.451>260-megawatt <00:10:18.811>phase <00:10:19.238>of <00:10:19.351>Nebius's <00:10:19.894>Pennsylvania <00:10:20.491>campus <00:10:21.158>is <00:10:21.591>due <00:10:21.824>by <00:10:22.011>October <00:10:22.731>2027.

120
00:10:23.991 --> 00:10:35.451
<v Cassidy>Paducah's <00:10:25.035>full <00:10:25.398>AI <00:10:25.702>campus <00:10:26.331>is <00:10:26.548>slated <00:10:26.951>for <00:10:27.211>2032, <00:10:28.763>with <00:10:28.918>up <00:10:29.024>to <00:10:29.211>1.8 <00:10:29.911>gigawatts <00:10:30.544>of <00:10:30.701>utility <00:10:31.149>capacity <00:10:32.071>and <00:10:32.523>more <00:10:32.683>than <00:10:32.891>1.2 <00:10:33.591>gigawatts <00:10:34.118>of <00:10:34.219>computing <00:10:34.722>capacity.

121
00:10:35.611 --> 00:10:39.451
<v Cassidy>Links <00:10:36.438>to <00:10:36.544>every <00:10:36.878>story <00:10:37.251>are <00:10:37.424>in <00:10:37.551>the <00:10:37.659>show <00:10:37.918>notes <00:10:38.278>if <00:10:38.351>you'd <00:10:38.523>like <00:10:38.678>to <00:10:38.771>dig <00:10:38.960>deeper.

122
00:10:39.643 --> 00:10:42.411
<v Cassidy>That's <00:10:40.624>AI <00:10:40.944>Daily <00:10:41.264>Briefing <00:10:41.651>for <00:10:41.851>today.

123
00:10:42.571 --> 00:10:44.971
<v Cassidy>This <00:10:43.291>is <00:10:43.491>a <00:10:43.591>Lantern <00:10:44.121>Podcast.