WEBVTT

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<v Cassidy>Fifteen <00:00:00.290>billion <00:00:00.680>for <00:00:00.860>one <00:00:01.109>campus, <00:00:01.952>with <00:00:02.114>Google's <00:00:02.446>credit <00:00:02.766>rating <00:00:03.100>quietly <00:00:03.600>co-signing <00:00:04.100>the <00:00:04.256>loan.

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<v Cassidy>Today, <00:00:05.940>the <00:00:06.040>compute <00:00:06.373>buildout <00:00:06.840>comes <00:00:07.056>with <00:00:07.200>a <00:00:07.314>harder <00:00:07.582>question: <00:00:08.320>who's <00:00:08.970>exposed?

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<v Cassidy>If <00:00:10.583>you're <00:00:10.755>just <00:00:10.923>joining <00:00:11.283>us, <00:00:11.571>Meta's <00:00:12.003>AI <00:00:12.216>buildout <00:00:12.803>now <00:00:13.063>has <00:00:13.203>a <00:00:13.336>capacity-allocation <00:00:14.483>problem <00:00:15.176>on <00:00:15.483>top <00:00:15.630>of <00:00:15.723>the <00:00:15.883>model <00:00:16.153>problem.

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<v Cassidy>The <00:00:17.563>company <00:00:17.883>has <00:00:18.019>been <00:00:18.127>weighing <00:00:18.503>whether <00:00:18.723>to <00:00:18.915>sell <00:00:19.091>some <00:00:19.340>excess <00:00:19.753>compute <00:00:20.313>through <00:00:20.843>a <00:00:20.936>cloud-style <00:00:21.505>business <00:00:22.096>while <00:00:22.603>keeping <00:00:22.917>enough <00:00:23.155>headroom <00:00:23.563>for <00:00:23.723>its <00:00:23.883>own

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<v Cassidy>models. <00:00:25.411>Anthropic <00:00:26.043>has <00:00:26.214>reportedly <00:00:26.787>held <00:00:27.090>preliminary <00:00:27.670>talks <00:00:28.056>to <00:00:28.216>lease <00:00:28.499>that <00:00:28.633>compute

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<v Cassidy>which <00:00:29.950>could <00:00:30.131>turn <00:00:30.371>Meta's <00:00:30.803>capex-heavy <00:00:31.656>buildout <00:00:32.291>into <00:00:32.830>an <00:00:32.953>outside <00:00:33.486>infrastructure <00:00:34.133>revenue <00:00:34.563>line.

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<v Bill>This <00:00:36.216>is <00:00:36.363>the <00:00:36.670>AI <00:00:37.110>Daily <00:00:37.510>Briefing.

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<v Bill>Amazon's <00:00:39.496>at <00:00:39.643>$220 <00:00:40.603>billion <00:00:41.496>while <00:00:41.843>Meta <00:00:42.263>has <00:00:42.603>a <00:00:42.693>quarter-trillion <00:00:43.576>in <00:00:43.774>leases.

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<v Bill>One <00:00:45.103>utility <00:00:45.683>CEO <00:00:46.243>is <00:00:46.443>already <00:00:46.771>admitting <00:00:47.263>his <00:00:47.507>grid <00:00:47.843>is <00:00:48.070>oversubscribed.

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<v Bill>Stick <00:00:50.251>around—we're <00:00:51.361>tracing <00:00:51.911>who's <00:00:52.242>actually <00:00:52.891>on <00:00:53.091>the <00:00:53.291>hook.

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<v Bill>We're <00:00:54.451>staying <00:00:54.763>with <00:00:54.939>this <00:00:55.211>story: <00:00:56.331>Meta <00:00:57.051>AI <00:00:57.621>compute <00:00:58.344>monetization <00:00:59.461>dilemma.

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<v Bill>Follow <00:01:01.231>the <00:01:01.371>show <00:01:01.731>and <00:01:01.891>you <00:01:02.051>won't <00:01:02.315>miss <00:01:02.603>what <00:01:02.784>comes <00:01:03.163>next.

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<v Cassidy>Ashley <00:01:04.794>Capoot, <00:01:05.582>Hugh <00:01:05.894>Son, <00:01:06.424>writing <00:01:07.081>in <00:01:07.326>CNBC:

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<v Quote>Morgan <00:01:08.898>Stanley <00:01:09.441>is <00:01:09.568>the <00:01:09.692>lead <00:01:10.017>banker <00:01:10.481>engaging <00:01:10.961>in <00:01:11.112>advanced <00:01:11.535>talks <00:01:11.895>to <00:01:11.996>lend <00:01:12.268>$15 <00:01:12.868>billion <00:01:13.761>to <00:01:13.935>Nexus <00:01:14.316>Data <00:01:14.558>Centers <00:01:15.041>to <00:01:15.348>build <00:01:15.608>out <00:01:15.868>a <00:01:16.015>large <00:01:16.406>artificial

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<v Quote>intelligence <00:01:17.676>infrastructure <00:01:18.408>project <00:01:18.868>for <00:01:19.036>Anthropic

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<v Quote>CNBC <00:01:20.644>confirmed <00:01:21.175>on <00:01:21.290>Thursday.

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<v Quote>Nexus <00:01:23.036>Data <00:01:23.278>Centers <00:01:23.660>will <00:01:23.848>use <00:01:24.048>the <00:01:24.168>capital <00:01:24.641>to <00:01:24.798>develop <00:01:25.188>a <00:01:25.292>data <00:01:25.582>center <00:01:25.857>campus <00:01:26.295>in <00:01:26.398>Hubbard

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<v Quote>Texas <00:01:27.452>according <00:01:28.055>to <00:01:28.148>a <00:01:28.234>source <00:01:28.561>familiar <00:01:29.020>with <00:01:29.168>the <00:01:29.281>discussions <00:01:29.968>who <00:01:30.321>asked <00:01:30.668>not <00:01:30.961>to <00:01:31.095>be <00:01:31.228>named <00:01:31.658>because <00:01:31.908>the <00:01:32.078>details <00:01:32.448>are <00:01:32.557>confidential.

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<v Cassidy>The <00:01:33.775>key <00:01:34.024>detail <00:01:34.488>in <00:01:34.627>this <00:01:34.795>$15 <00:01:35.405>billion <00:01:36.102>Nexus <00:01:36.515>deal <00:01:36.915>is <00:01:37.121>Google's <00:01:37.659>agreement <00:01:37.902>to <00:01:38.051>backstop <00:01:38.723>Anthropic <00:01:39.491>with <00:01:39.915>its <00:01:40.115>own <00:01:40.406>investment-grade <00:01:41.281>credit <00:01:41.624>rating.

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<v Cassidy>Morgan <00:01:43.295>Stanley <00:01:43.768>is <00:01:43.915>lending <00:01:44.235>against <00:01:44.561>Google's <00:01:44.955>balance <00:01:45.302>sheet, <00:01:46.067>with <00:01:46.227>Anthropic's <00:01:46.803>name <00:01:47.022>on <00:01:47.095>the <00:01:47.235>door.

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<v Bill>Right. <00:01:48.627>Anthropic <00:01:49.515>doesn't <00:01:49.843>have <00:01:50.079>investment-grade <00:01:50.995>paper <00:01:51.422>on <00:01:51.535>its <00:01:51.795>own.

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<v Bill>You <00:01:52.771>want <00:01:52.862>to <00:01:52.955>build <00:01:53.195>a <00:01:53.326>campus <00:01:53.928>in <00:01:54.085>Hubbard, <00:01:54.622>Texas, <00:01:55.705>you <00:01:56.067>need <00:01:56.245>someone <00:01:56.648>whose <00:01:56.984>credit <00:01:57.415>the <00:01:57.555>bond <00:01:57.955>desk <00:01:58.346>actually <00:01:59.029>trusts.

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<v Cassidy>And <00:02:00.595>that's <00:02:00.875>a <00:02:00.939>different <00:02:01.203>kind <00:02:01.422>of <00:02:01.533>dependency <00:02:02.147>from <00:02:02.355>a <00:02:02.467>chip <00:02:02.662>order <00:02:03.075>or <00:02:03.275>a <00:02:03.359>deployment <00:02:03.875>deal.

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<v Cassidy>Google <00:02:05.365>already <00:02:05.755>committed <00:02:06.195>up <00:02:06.382>to <00:02:06.515>$40 <00:02:06.945>billion <00:02:07.768>to <00:02:07.923>Anthropic <00:02:08.488>in <00:02:08.662>April.

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<v Cassidy>Now <00:02:10.088>it's <00:02:10.315>lending <00:02:10.635>its <00:02:10.801>rating <00:02:11.195>too.

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<v Cassidy>Whatever <00:02:12.695>the <00:02:12.795>press <00:02:13.048>releases <00:02:13.515>say <00:02:13.675>about <00:02:13.930>independence, <00:02:15.091>they're <00:02:15.292>structurally <00:02:16.008>stitched <00:02:16.488>together.

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<v Bill>Nvidia <00:02:18.108>guaranteed <00:02:18.947>OpenAI's <00:02:19.955>lease <00:02:20.467>last <00:02:20.979>week.

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<v Bill>Now <00:02:22.252>Google's <00:02:22.731>guaranteeing <00:02:23.475>Anthropic's <00:02:24.355>credit.

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<v Bill>The <00:02:25.603>guarantor's <00:02:26.399>becoming <00:02:26.795>a <00:02:26.897>standard <00:02:27.459>part <00:02:27.742>of <00:02:27.815>the <00:02:27.968>stack, <00:02:28.739>same <00:02:29.022>as <00:02:29.115>the <00:02:29.443>GPUs.

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<v Cassidy>So <00:02:31.235>I <00:02:31.347>keep <00:02:31.509>coming <00:02:31.763>back <00:02:31.982>to <00:02:32.115>this: <00:02:32.862>if <00:02:33.132>demand <00:02:33.515>for <00:02:33.662>these <00:02:33.857>campuses <00:02:34.408>comes <00:02:34.702>in <00:02:34.883>soft, <00:02:35.909>Google's <00:02:36.235>holding <00:02:36.547>that <00:02:36.755>Texas <00:02:37.226>exposure.

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<v Cassidy>That's <00:02:38.815>a <00:02:38.875>lot <00:02:39.022>of <00:02:39.128>faith <00:02:39.452>riding <00:02:39.822>on <00:02:39.915>a <00:02:40.001>rating <00:02:40.315>for <00:02:40.515>a <00:02:40.652>campus <00:02:41.011>that <00:02:41.123>hasn't <00:02:41.411>been <00:02:41.532>poured <00:02:41.935>yet.

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<v Cassidy>From <00:02:43.188>Converge <00:02:43.699>Digest:

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<v Quote>SEATTLE — <00:02:46.390>Amazon <00:02:46.813>Web <00:02:47.106>Services <00:02:47.573>delivered <00:02:47.973>its <00:02:48.149>strongest <00:02:48.703>quarter <00:02:49.080>in <00:02:49.181>more <00:02:49.421>than <00:02:49.661>four <00:02:49.933>years

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<v Quote>with <00:02:50.703>revenue <00:02:51.113>surging <00:02:51.613>37% <00:02:52.701>year-over-year <00:02:53.586>to <00:02:53.733>$42.2 <00:02:55.003>billion—its <00:02:56.393>fastest <00:02:56.859>growth <00:02:57.186>in <00:02:57.373>18 <00:02:57.826>quarters—as <00:02:58.939>demand <00:02:59.273>for <00:02:59.560>AI <00:02:59.816>infrastructure <00:03:00.480>accelerated

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<v Quote>across <00:03:01.666>cloud <00:03:01.981>computing

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<v Quote>custom <00:03:03.193>silicon <00:03:04.033>and <00:03:04.151>foundation <00:03:04.786>model <00:03:05.124>services.

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<v Bill>AWS <00:03:07.139>AI <00:03:07.592>has <00:03:07.872>cleared <00:03:08.192>a <00:03:08.272>$25 <00:03:08.992>billion <00:03:09.932>run <00:03:10.296>rate.

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<v Bill>Custom <00:03:11.832>silicon—Trainium <00:03:13.312>and <00:03:13.512>Graviton—has <00:03:14.912>cleared <00:03:15.232>another <00:03:15.592>$25 <00:03:16.462>billion, <00:03:17.912>and <00:03:18.232>both <00:03:18.592>are <00:03:18.762>growing <00:03:19.192>at <00:03:19.409>triple <00:03:19.843>digits.

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<v Bill>That's <00:03:21.560>real <00:03:21.812>revenue, <00:03:22.692>not <00:03:22.912>a <00:03:23.032>demo.

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<v Bill>I'll <00:03:24.184>give <00:03:24.392>Jassy <00:03:24.840>that <00:03:25.112>one.

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<v Cassidy>And <00:03:26.104>then <00:03:26.285>he <00:03:26.445>funds <00:03:26.739>it <00:03:26.824>with <00:03:27.032>a <00:03:27.232>$220 <00:03:28.172>billion <00:03:28.972>capex <00:03:29.592>plan.

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<v Cassidy>The <00:03:30.674>revenue's <00:03:31.178>real. <00:03:31.694>But <00:03:32.280>nobody <00:03:32.594>has <00:03:32.760>independently <00:03:33.425>verified <00:03:34.014>the <00:03:34.131>demand <00:03:34.541>curve <00:03:34.931>behind <00:03:35.306>that <00:03:35.530>plan.

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<v Bill>Right, <00:03:37.394>and <00:03:37.541>at <00:03:37.674>a <00:03:37.794>$25 <00:03:38.404>billion <00:03:39.094>run <00:03:39.338>rate, <00:03:40.114>Jassy's <00:03:40.701>still <00:03:41.103>saying <00:03:41.594>capacity <00:03:42.294>won't <00:03:42.714>meet <00:03:43.148>demand.

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<v Bill>Wednesday's <00:03:45.487>BEACON <00:03:45.934>preprint <00:03:46.682>asks <00:03:47.234>whether <00:03:47.578>long-horizon <00:03:48.474>agent <00:03:48.938>workloads <00:03:49.664>justify <00:03:50.774>pouring <00:03:51.247>in <00:03:51.434>compute <00:03:52.101>at <00:03:52.362>that <00:03:52.647>scale.

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<v Bill>Today's <00:03:54.303>number <00:03:54.858>only <00:03:55.487>makes <00:03:55.786>that <00:03:55.967>question <00:03:56.463>louder.

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<v Cassidy>The <00:03:57.807>multi-gigawatt <00:03:58.687>Trainium <00:03:59.161>commitments <00:03:59.690>from <00:03:59.802>Anthropic <00:04:00.514>and <00:04:00.714>OpenAI <00:04:01.418>tell <00:04:01.714>you <00:04:01.861>where <00:04:02.026>this <00:04:02.207>is <00:04:02.371>headed.

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<v Cassidy>These <00:04:03.807>deals <00:04:04.114>are <00:04:04.261>being <00:04:04.438>measured <00:04:04.821>in <00:04:04.941>power <00:04:05.354>now: <00:04:06.054>gigawatts.

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<v Cassidy>And <00:04:07.541>we <00:04:07.642>just <00:04:07.861>heard <00:04:08.061>Nexus <00:04:08.438>scrambling <00:04:08.894>for <00:04:09.034>$15 <00:04:09.534>billion <00:04:10.261>on <00:04:10.334>the <00:04:10.442>Anthropic <00:04:11.034>side.

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<v Cassidy>Everybody's <00:04:12.594>writing <00:04:12.920>checks <00:04:13.244>against <00:04:13.634>megawatts <00:04:14.250>that <00:04:14.362>aren't <00:04:14.682>interconnected <00:04:15.414>yet.

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<v Bill>A <00:04:16.440>serverless <00:04:16.934>product <00:04:17.407>built <00:04:17.742>specifically <00:04:18.694>for <00:04:19.187>persistent <00:04:20.047>agentic <00:04:20.794>workloads <00:04:21.914>is <00:04:22.114>a <00:04:22.218>very <00:04:22.547>optimistic <00:04:23.314>thing <00:04:23.567>to <00:04:23.818>ship <00:04:24.474>in <00:04:24.674>the <00:04:24.842>same <00:04:25.094>quarter <00:04:25.546>that <00:04:25.714>a <00:04:25.821>paper

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<v Bill>says <00:04:26.607>those <00:04:26.965>chains <00:04:27.578>fall <00:04:27.941>apart <00:04:28.581>at <00:04:28.874>step <00:04:29.261>seven.

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<v Cassidy>Natalie <00:04:30.843>Musumeci, <00:04:31.783>writing <00:04:32.090>in <00:04:32.187>Business <00:04:32.613>Insider:

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<v Quote>Meta <00:04:33.913>has <00:04:34.065>more <00:04:34.225>than <00:04:34.433>a <00:04:34.563>quarter <00:04:34.966>trillion <00:04:35.443>dollars <00:04:35.846>in <00:04:35.999>future <00:04:36.326>lease <00:04:36.666>obligations — <00:04:37.693>largely <00:04:38.177>tied <00:04:38.460>to <00:04:38.620>AI <00:04:38.897>data <00:04:39.213>centers— <00:04:39.926>as <00:04:40.053>the <00:04:40.161>tech <00:04:40.420>giant <00:04:40.820>races <00:04:41.206>to

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<v Quote>build <00:04:41.573>out <00:04:41.693>its <00:04:41.917>artificial <00:04:42.396>intelligence <00:04:42.966>infrastructure

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<v Quote>a <00:04:44.073>new <00:04:44.251>regulatory <00:04:44.890>filing <00:04:45.326>shows.

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<v Quote>In <00:04:46.793>its <00:04:46.961>quarterly <00:04:47.444>securities <00:04:48.010>filing <00:04:48.397>released <00:04:48.793>a <00:04:48.893>day <00:04:49.126>after <00:04:49.433>its <00:04:49.589>earnings <00:04:49.930>report

57
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<v Quote>Meta <00:04:50.945>said <00:04:51.126>it <00:04:51.273>had <00:04:51.439>approximately <00:04:52.113>$278.99 <00:04:54.383>billion <00:04:55.180>in <00:04:55.289>operating <00:04:55.813>and <00:04:55.943>finance <00:04:56.490>leases <00:04:56.913>that <00:04:57.249>have <00:04:57.393>not <00:04:57.673>yet <00:04:57.886>begun <00:04:58.413>and <00:04:58.625>were <00:04:58.813>not <00:04:59.033>yet <00:04:59.197>included <00:04:59.606>on <00:04:59.753>its

58
00:04:59.923 --> 00:05:00.593
<v Quote>balance <00:05:00.313>sheet.

59
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<v Cassidy>So <00:05:01.000>here's <00:05:01.228>the <00:05:01.345>update <00:05:01.715>on <00:05:01.832>Meta's <00:05:02.208>compute <00:05:02.555>buildout: <00:05:03.388>the <00:05:03.501>lease <00:05:03.868>tab <00:05:04.248>is <00:05:04.468>finally <00:05:04.948>visible.

60
00:05:05.648 --> 00:05:12.088
<v Cassidy>About <00:05:06.328>$279 <00:05:07.478>billion <00:05:08.275>in <00:05:08.385>future <00:05:08.781>lease <00:05:09.115>obligations, <00:05:10.348>and <00:05:10.435>it <00:05:10.552>hasn't <00:05:10.958>hit <00:05:11.068>the <00:05:11.168>balance <00:05:11.488>sheet <00:05:11.768>yet.

61
00:05:12.938 --> 00:05:19.608
<v Cassidy>The <00:05:13.008>quarterly <00:05:13.412>securities <00:05:13.917>filing <00:05:14.360>puts <00:05:14.515>it <00:05:14.648>at <00:05:15.128>$278.99 <00:05:17.078>billion, <00:05:18.368>one <00:05:18.528>day <00:05:18.701>after <00:05:19.030>earnings.

62
00:05:19.788 --> 00:05:24.540
<v Cassidy>You <00:05:20.368>treat <00:05:20.608>a <00:05:20.701>filed <00:05:21.002>number <00:05:21.248>differently <00:05:21.720>from <00:05:21.888>something <00:05:22.288>a <00:05:22.428>CFO <00:05:22.792>says <00:05:23.088>out <00:05:23.272>loud <00:05:23.555>on <00:05:23.648>a <00:05:23.784>call.

63
00:05:24.540 --> 00:05:29.848
<v Bill>Right, <00:05:25.488>and <00:05:25.648>those <00:05:25.917>leases <00:05:26.381>start <00:05:26.698>rolling <00:05:27.101>in <00:05:27.256>from <00:05:27.568>now <00:05:27.998>through <00:05:28.568>2036.

64
00:05:30.697 --> 00:05:37.315
<v Bill>That's <00:05:30.889>a <00:05:31.060>decade-long <00:05:31.980>commitment <00:05:32.521>that <00:05:32.729>outlasts <00:05:33.441>basically <00:05:34.156>every <00:05:34.559>product <00:05:35.116>cycle <00:05:35.489>these <00:05:35.758>leases <00:05:36.189>are <00:05:36.302>supposed <00:05:36.756>to <00:05:36.889>serve.

65
00:05:37.315 --> 00:05:42.569
<v Cassidy>And <00:05:37.556>it <00:05:37.662>lands <00:05:37.949>the <00:05:38.073>same <00:05:38.369>morning <00:05:38.718>Amazon <00:05:39.198>guides <00:05:39.662>to <00:05:39.809>$220 <00:05:40.829>billion <00:05:41.582>in <00:05:41.769>capex.

66
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<v Cassidy>In <00:05:43.229>the <00:05:43.353>same <00:05:43.809>24 <00:05:44.089>hours

67
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<v Cassidy>two <00:05:44.996>of <00:05:45.069>the <00:05:45.182>industry's <00:05:45.809>biggest <00:05:46.132>infrastructure <00:05:46.793>bets <00:05:47.089>are <00:05:47.249>now <00:05:47.422>in <00:05:47.599>filings

68
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<v Cassidy>with <00:05:48.756>no <00:05:49.009>independent <00:05:49.516>check <00:05:49.876>on <00:05:49.949>the <00:05:50.055>demand <00:05:50.382>curve <00:05:50.706>behind <00:05:51.083>either <00:05:51.389>one.

69
00:05:52.469 --> 00:05:55.449
<v Bill>Sit <00:05:52.681>with <00:05:52.829>the <00:05:52.969>phrase <00:05:53.629>off-balance-sheet.

70
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<v Bill>The <00:05:56.373>commitment <00:05:56.862>is <00:05:57.065>real, <00:05:57.789>and <00:05:57.876>it <00:05:57.993>runs <00:05:58.299>through <00:05:58.729>2036.

71
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<v Bill>You <00:06:00.841>just <00:06:00.989>don't <00:06:01.161>have <00:06:01.342>to <00:06:01.489>stare <00:06:01.769>at <00:06:01.956>it <00:06:02.036>in <00:06:02.129>the <00:06:02.297>same <00:06:02.556>place <00:06:02.942>every <00:06:03.259>quarter.

72
00:06:05.114 --> 00:06:06.634
<v Cassidy>From <00:06:05.334>Converge <00:06:05.937>Digest:

73
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<v Quote>AMD <00:06:07.671>and <00:06:07.839>Core <00:06:08.089>Scientific <00:06:08.711>announced <00:06:09.111>a <00:06:09.207>strategic <00:06:09.759>infrastructure <00:06:10.484>partnership <00:06:11.138>under <00:06:11.511>which <00:06:11.851>AMD <00:06:12.303>will <00:06:12.488>secure <00:06:12.888>access <00:06:13.258>to <00:06:13.343>more <00:06:13.519>than <00:06:13.791>500 <00:06:14.511>megawatts <00:06:15.098>of

74
00:06:15.271 --> 00:06:23.791
<v Quote>U.S. <00:06:15.791>AI-ready <00:06:16.495>data <00:06:16.785>center <00:06:17.053>capacity <00:06:17.623>beginning <00:06:18.324>in <00:06:18.511>2027, <00:06:19.807>with <00:06:19.891>the <00:06:19.999>potential <00:06:20.458>to <00:06:20.591>expand <00:06:21.098>to <00:06:21.178>as <00:06:21.279>much <00:06:21.524>as <00:06:21.711>2.5 <00:06:22.511>gigawatts <00:06:23.119>over <00:06:23.391>time.

75
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<v Bill>So <00:06:24.530>AMD's <00:06:25.494>deal <00:06:25.830>here <00:06:26.230>is <00:06:26.430>for <00:06:26.643>power

76
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<v Bill>not <00:06:27.843>chips: <00:06:29.062>more <00:06:29.238>than <00:06:29.590>500 <00:06:30.290>megawatts <00:06:30.914>starting <00:06:31.323>in <00:06:31.510>2027

77
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<v Bill>scaling <00:06:33.323>to <00:06:33.590>2.5 <00:06:34.550>gigawatts

78
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<v Bill>locked <00:06:36.283>in <00:06:36.422>with <00:06:36.614>Core <00:06:36.935>Scientific <00:06:37.670>before <00:06:38.190>a <00:06:38.287>single <00:06:38.710>rack <00:06:39.110>goes <00:06:39.537>in.

79
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<v Cassidy>Core <00:06:40.521>Scientific <00:06:41.070>can <00:06:41.230>bring <00:06:41.480>already-connected <00:06:42.278>land <00:06:42.523>to <00:06:42.650>the <00:06:42.777>table, <00:06:43.476>thanks <00:06:43.830>to <00:06:44.038>converted <00:06:44.516>crypto-mining <00:06:45.270>sites.

80
00:06:45.926 --> 00:06:50.790
<v Cassidy>That <00:06:46.683>interconnection <00:06:47.337>queue <00:06:47.723>everyone <00:06:48.198>else <00:06:48.417>is <00:06:48.523>stuck <00:06:48.870>in? <00:06:49.414>They <00:06:49.720>skipped <00:06:50.123>it.

81
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<v Bill>That <00:06:50.937>tells <00:06:51.290>you <00:06:51.440>exactly <00:06:52.123>where <00:06:52.410>the <00:06:52.566>pain <00:06:53.083>is.

82
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<v Bill>When <00:06:54.190>a <00:06:54.294>chip <00:06:54.600>company <00:06:55.030>signs <00:06:55.470>a <00:06:55.581>capacity <00:06:56.198>deal <00:06:56.454>this <00:06:56.806>size, <00:06:57.770>the <00:06:57.881>bottleneck <00:06:58.430>has <00:06:58.603>moved <00:06:58.918>from <00:06:59.200>silicon <00:06:59.963>to <00:07:00.297>substations.

83
00:07:01.587 --> 00:07:08.790
<v Cassidy>The <00:07:01.950>warrant <00:07:02.278>structure <00:07:02.763>is <00:07:02.910>the <00:07:03.078>part <00:07:03.350>I'd <00:07:03.582>underline: <00:07:05.070>AMD <00:07:05.478>gets <00:07:05.716>market-priced <00:07:06.443>warrants <00:07:06.897>to <00:07:07.010>buy <00:07:07.270>Core <00:07:07.641>Scientific <00:07:08.243>stock.

84
00:07:08.950 --> 00:07:14.230
<v Cassidy>That <00:07:09.630>gives <00:07:09.950>AMD <00:07:10.363>an <00:07:10.516>equity <00:07:10.854>hook <00:07:11.158>into <00:07:11.390>its <00:07:11.550>own <00:07:11.741>landlord <00:07:12.366>alongside <00:07:12.890>the <00:07:13.030>colo <00:07:13.714>contract.

85
00:07:14.937 --> 00:07:22.630
<v Cassidy>It <00:07:15.019>echoes <00:07:15.470>the <00:07:15.636>Google-Anthropic <00:07:16.614>backstop <00:07:17.163>we <00:07:17.304>talked <00:07:17.537>about <00:07:17.730>earlier: <00:07:18.854>wire <00:07:19.150>the <00:07:19.310>counterparty <00:07:19.878>into <00:07:20.086>your <00:07:20.210>balance <00:07:20.697>sheet <00:07:21.190>so <00:07:21.530>the <00:07:21.641>dependency <00:07:22.198>runs <00:07:22.438>both

86
00:07:22.742 --> 00:07:23.670
<v Cassidy>ways.

87
00:07:23.710 --> 00:07:29.910
<v Bill>A <00:07:23.910>2027 <00:07:24.843>start <00:07:25.174>date, <00:07:25.878>with <00:07:26.230>2.5 <00:07:27.330>gigawatts <00:07:28.047>coming <00:07:28.670>"over <00:07:29.318>time."

88
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<v Bill>Nobody's <00:07:31.236>independently <00:07:31.887>priced <00:07:32.278>that <00:07:32.539>demand <00:07:33.010>yet, <00:07:33.770>but <00:07:33.883>at <00:07:34.043>least <00:07:34.490>AMD's <00:07:35.250>hedging <00:07:35.702>with <00:07:35.899>equity <00:07:36.360>instead <00:07:36.763>of <00:07:36.927>simply <00:07:37.350>eating <00:07:37.870>the <00:07:38.070>lease.

89
00:07:39.329 --> 00:07:42.489
<v Cassidy>Here's <00:07:39.529>Kristi <00:07:39.889>E. <00:07:40.076>Swartz <00:07:40.689>at <00:07:40.899>Atlanta <00:07:41.279>Journal-Constitution:

90
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<v Quote>The <00:07:43.052>company <00:07:43.442>had <00:07:43.602>inked <00:07:43.855>deals <00:07:44.162>for <00:07:44.322>roughly <00:07:44.762>8,000 <00:07:45.382>megawatts <00:07:45.909>of <00:07:46.015>electricity <00:07:46.742>out <00:07:47.189>of <00:07:47.262>the <00:07:47.482>10,000 <00:07:48.022>megawatts <00:07:48.554>that <00:07:48.702>the <00:07:48.822>Georgia <00:07:49.288>Public <00:07:49.612>Service

91
00:07:49.998 --> 00:07:54.522
<v Quote>Commission <00:07:50.415>approved <00:07:50.906>last <00:07:51.290>year <00:07:51.882>before <00:07:52.442>OpenAI’s <00:07:53.132>project <00:07:53.522>was <00:07:53.690>announced.

92
00:07:55.042 --> 00:08:03.082
<v Quote>“ … <00:07:55.042>Our <00:07:55.242>OpenAI <00:07:55.864>contract <00:07:56.415>in <00:07:56.572>Georgia <00:07:56.979>pushes <00:07:57.375>us <00:07:57.562>beyond <00:07:58.082>our <00:07:58.246>recently <00:07:58.655>approved <00:07:59.144>capacity <00:07:59.829>by <00:08:00.229>right <00:08:00.408>around <00:08:00.842>1 <00:08:01.062>gigawatt,” <00:08:01.930>said <00:08:02.162>Chris <00:08:02.442>Womack

93
00:08:03.126 --> 00:08:05.642
<v Quote>chairman <00:08:03.682>president <00:08:04.082>and <00:08:04.255>chief <00:08:04.570>executive <00:08:05.055>of <00:08:05.206>Southern.

94
00:08:06.002 --> 00:08:08.762
<v Quote>A <00:08:06.422>gigawatt <00:08:07.055>is <00:08:07.322>1,000 <00:08:07.942>megawatts.

95
00:08:09.136 --> 00:08:16.496
<v Cassidy>Less <00:08:09.328>than <00:08:09.496>a <00:08:09.568>year <00:08:09.776>ago, <00:08:10.136>Georgia's <00:08:10.532>commission <00:08:10.946>blessed <00:08:11.336>a <00:08:11.438>doubling <00:08:11.963>of <00:08:12.036>the <00:08:12.192>grid—10,000 <00:08:13.736>megawatts—specifically <00:08:15.496>for <00:08:15.680>data <00:08:15.996>centers.

96
00:08:17.203 --> 00:08:25.203
<v Cassidy>On <00:08:17.260>Thursday's <00:08:17.756>analyst <00:08:18.240>call, <00:08:18.616>Womack <00:08:19.008>said <00:08:19.163>it <00:08:19.236>was <00:08:19.336>already <00:08:19.696>gone, <00:08:20.696>and <00:08:20.880>OpenAI's <00:08:21.580>Savannah <00:08:21.996>project <00:08:22.473>pushes <00:08:22.864>them <00:08:23.176>a <00:08:23.344>full <00:08:23.616>gigawatt <00:08:24.176>past <00:08:24.560>that.

97
00:08:25.203 --> 00:08:34.256
<v Bill>Twenty <00:08:26.016>billion <00:08:26.566>dollars, <00:08:27.536>3,200 <00:08:28.796>megawatts—that's <00:08:30.576>three <00:08:31.076>Vogtle <00:08:31.607>reactors' <00:08:32.283>worth <00:08:32.469>of <00:08:32.643>power <00:08:33.016>for <00:08:33.216>one <00:08:33.559>campus.

98
00:08:35.248 --> 00:08:38.246
<v Bill>Next <00:08:35.349>to <00:08:35.476>the <00:08:35.589>interconnection <00:08:36.389>queue, <00:08:37.106>capital <00:08:37.509>looks <00:08:37.904>easy.

99
00:08:38.246 --> 00:08:47.217
<v Cassidy>Here's <00:08:38.677>the <00:08:38.785>part <00:08:39.030>no <00:08:39.181>earnings <00:08:39.585>call <00:08:39.870>names: <00:08:40.929>they'd <00:08:41.167>already <00:08:41.437>inked <00:08:41.850>deals <00:08:42.057>for <00:08:42.257>8,000 <00:08:42.950>of <00:08:43.077>the <00:08:43.217>10,000 <00:08:43.901>approved <00:08:44.297>megawatts <00:08:45.080>before <00:08:45.777>OpenAI <00:08:46.385>even <00:08:46.623>showed <00:08:46.977>up.

100
00:08:47.417 --> 00:08:52.017
<v Cassidy>The <00:08:48.086>Amazon <00:08:48.537>and <00:08:48.705>Meta <00:08:48.977>capex <00:08:49.497>numbers <00:08:49.809>from <00:08:49.997>earlier <00:08:50.457>are <00:08:50.641>bets <00:08:50.950>on <00:08:51.097>a <00:08:51.183>demand <00:08:51.537>curve.

101
00:08:52.417 --> 00:08:58.165
<v Cassidy>Womack's <00:08:53.237>the <00:08:53.350>operator <00:08:53.823>saying <00:08:54.117>the <00:08:54.230>curve <00:08:54.524>is <00:08:54.641>outrunning <00:08:55.077>the <00:08:55.233>grid—out <00:08:56.417>loud, <00:08:57.190>on <00:08:57.317>the <00:08:57.434>record.

102
00:08:58.165 --> 00:09:08.177
<v Bill>They've <00:08:58.954>signed <00:08:59.457>17,000 <00:09:00.717>megawatts <00:09:01.270>of <00:09:01.444>large-load <00:09:02.257>deals <00:09:02.717>through <00:09:03.157>the <00:09:03.297>mid-2030s, <00:09:05.097>and <00:09:05.297>sales <00:09:05.717>are <00:09:05.857>up <00:09:06.097>55% <00:09:07.457>in <00:09:07.657>a <00:09:07.777>year.

103
00:09:08.964 --> 00:09:17.417
<v Bill>To <00:09:09.017>cover <00:09:09.237>the <00:09:09.377>gap, <00:09:10.033>they're <00:09:10.249>proposing <00:09:11.057>2,000 <00:09:11.777>to <00:09:12.097>6,000 <00:09:12.977>megawatts <00:09:13.750>of <00:09:13.919>dispatchable <00:09:14.657>capacity <00:09:15.457>by <00:09:15.937>2032.

104
00:09:17.527 --> 00:09:21.817
<v Bill>The <00:09:17.903>answer <00:09:18.237>for <00:09:18.470>today's <00:09:18.874>demand <00:09:19.404>is <00:09:19.897>a <00:09:20.084>maybe, <00:09:20.617>seven <00:09:21.257>years <00:09:21.537>out.

105
00:09:21.817 --> 00:09:25.857
<v Cassidy>That <00:09:22.137>sends <00:09:22.387>another <00:09:22.801>expansion <00:09:23.425>back <00:09:23.644>to <00:09:23.737>the <00:09:23.905>same <00:09:24.141>commission <00:09:24.593>that <00:09:24.705>just <00:09:24.941>approved <00:09:25.329>this <00:09:25.537>one.

106
00:09:26.927 --> 00:09:32.017
<v Cassidy>Every <00:09:26.997>one <00:09:27.084>of <00:09:27.177>these <00:09:27.439>campuses <00:09:27.990>is <00:09:28.157>now <00:09:28.377>waiting <00:09:28.684>on <00:09:28.777>a <00:09:28.877>utility <00:09:29.350>docket <00:09:29.880>rather <00:09:30.529>than <00:09:30.737>a <00:09:30.849>chip <00:09:31.039>shipment.

107
00:09:32.113 --> 00:09:34.977
<v Cassidy>That's <00:09:32.524>where <00:09:32.677>the <00:09:32.790>exposure <00:09:33.297>sits <00:09:33.670>if <00:09:33.797>the <00:09:33.904>projections <00:09:34.513>miss.

108
00:09:37.590 --> 00:09:40.310
<v Cassidy>If <00:09:37.857>AI <00:09:38.123>Daily <00:09:38.443>Briefing <00:09:38.923>is <00:09:39.062>part <00:09:39.217>of <00:09:39.302>your <00:09:39.490>routine

109
00:09:40.350 --> 00:09:42.630
<v Cassidy>check <00:09:40.610>out <00:09:40.854>Anthropic <00:09:41.483>Pentagon <00:09:41.977>Watch

110
00:09:42.710 --> 00:09:45.750
<v Cassidy>a <00:09:42.830>daily <00:09:43.092>briefing <00:09:43.697>on <00:09:43.958>Anthropic’s <00:09:44.590>fight <00:09:44.822>with <00:09:44.970>the <00:09:45.137>DoD

111
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<v Cassidy>military <00:09:46.683>AI <00:09:47.050>use <00:09:47.495>autonomous <00:09:48.210>weapons

112
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<v Cassidy>and <00:09:49.243>AI <00:09:49.557>procurement <00:09:50.123>blacklisting.

113
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<v Cassidy>Find <00:09:51.723>it <00:09:51.874>wherever <00:09:52.250>you <00:09:52.356>listen <00:09:52.657>to <00:09:52.808>podcasts.

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<v Cassidy>One <00:09:54.737>thing <00:09:54.923>we’re <00:09:55.154>watching: <00:09:56.270>AMD’s <00:09:56.834>reserved <00:09:57.259>access <00:09:57.697>to <00:09:57.798>more <00:09:58.022>than <00:09:58.310>500 <00:09:58.830>megawatts <00:09:59.377>of <00:09:59.563>AI-ready <00:10:00.230>U.S.

115
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<v Cassidy>capacity <00:10:01.062>from <00:10:01.254>Core <00:10:01.583>Scientific <00:10:02.497>is <00:10:02.930>due <00:10:03.137>to <00:10:03.283>begin <00:10:03.830>in <00:10:04.070>2027.

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<v Cassidy>You’ll <00:10:06.102>find <00:10:06.283>links <00:10:06.577>to <00:10:06.670>every <00:10:06.937>story <00:10:07.323>in <00:10:07.470>today’s <00:10:07.798>show <00:10:08.057>notes <00:10:08.523>if <00:10:08.810>you <00:10:08.902>want <00:10:09.057>to <00:10:09.150>dig <00:10:09.318>into <00:10:09.546>anything <00:10:09.862>that <00:10:10.024>caught <00:10:10.246>your <00:10:10.366>attention.

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<v Cassidy>That’s <00:10:12.123>AI <00:10:12.443>Daily <00:10:12.750>Briefing <00:10:13.150>for <00:10:13.350>today.

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<v Cassidy>This <00:10:14.710>is <00:10:14.910>a <00:10:15.000>Lantern <00:10:15.460>Podcast.