WEBVTT

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<v Cassidy>A <00:00:00.140>megawatt <00:00:00.693>is <00:00:00.864>easy <00:00:01.173>to <00:00:01.342>announce.

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<v Cassidy>Getting <00:00:02.750>someone <00:00:03.013>to <00:00:03.170>finance <00:00:03.573>it <00:00:03.700>for <00:00:03.820>sixteen <00:00:04.307>years <00:00:04.693>is <00:00:04.827>where <00:00:04.987>it <00:00:05.088>gets <00:00:05.333>interesting.

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<v Cassidy>If <00:00:07.220>you're <00:00:07.424>just <00:00:07.570>joining <00:00:08.027>us, <00:00:08.672>Anthropic's <00:00:09.232>been <00:00:09.410>locking <00:00:09.813>up <00:00:09.968>dedicated <00:00:10.460>compute <00:00:10.920>instead <00:00:11.253>of <00:00:11.406>buying <00:00:11.728>only <00:00:11.970>generic <00:00:12.387>cloud <00:00:12.782>capacity.

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<v Cassidy>So <00:00:14.400>far <00:00:14.672>that <00:00:14.836>includes <00:00:15.200>a <00:00:15.320>$10 <00:00:15.550>billion

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<v Cassidy>six-year <00:00:17.011>commitment <00:00:17.547>to <00:00:17.660>Volta <00:00:18.060>Infra <00:00:18.460>for <00:00:18.720>121 <00:00:20.000>IT <00:00:20.380>megawatts <00:00:21.200>of <00:00:21.589>Nvidia <00:00:22.064>Vera <00:00:22.387>Rubin <00:00:22.800>capacity <00:00:23.573>at <00:00:23.920>Bitdeer’s <00:00:24.533>Tydal <00:00:24.857>campus <00:00:25.253>in <00:00:25.429>Norway

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<v Cassidy>plus <00:00:26.920>a <00:00:27.004>separate <00:00:27.427>Theseus <00:00:27.883>Infrastructure <00:00:28.533>partnership <00:00:29.152>with <00:00:29.320>Macquarie <00:00:29.827>Asset <00:00:30.211>Management <00:00:30.760>and <00:00:31.000>GIC <00:00:31.800>for <00:00:32.208>Anthropic-focused <00:00:33.344>data-center <00:00:33.987>sites <00:00:34.347>in <00:00:34.420>the

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<v Cassidy>US.

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<v Bill>This <00:00:36.560>is <00:00:36.720>AI <00:00:37.267>Daily <00:00:37.667>Briefing.

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<v Bill>Scotland, <00:00:39.543>Norway, <00:00:40.460>and <00:00:40.720>one <00:00:41.031>question <00:00:41.651>underneath <00:00:42.220>all <00:00:42.453>of <00:00:42.613>it: <00:00:43.392>when <00:00:43.584>does <00:00:43.893>promised <00:00:44.400>capacity <00:00:45.109>become <00:00:45.630>compute <00:00:46.462>somebody <00:00:47.000>can <00:00:47.164>actually <00:00:47.680>use?

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<v Bill>We'll <00:00:49.152>keep <00:00:49.333>tracking <00:00:49.792>this <00:00:49.987>story — <00:00:50.864>Anthropic <00:00:51.610>compute <00:00:52.331>supply <00:00:52.960>expansion.

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<v Bill>Follow <00:00:54.600>the <00:00:54.784>show <00:00:55.120>so <00:00:55.300>the <00:00:55.408>next <00:00:55.657>update <00:00:56.080>finds <00:00:56.540>you.

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<v Cassidy>This <00:00:57.886>one's <00:00:58.118>from <00:00:58.326>Unite.AI:

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<v Quote>The <00:01:00.218>Lanarkshire <00:01:00.771>AI <00:01:01.095>Growth <00:01:01.518>Zone <00:01:01.878>has <00:01:02.038>secured <00:01:02.398>a <00:01:02.518>£300 <00:01:03.208>million <00:01:03.894>financing <00:01:04.458>package <00:01:04.985>to <00:01:05.267>expand <00:01:05.718>its <00:01:05.902>data <00:01:06.204>center <00:01:06.540>capacity

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<v Quote>with <00:01:07.618>the <00:01:07.838>UK’s <00:01:08.291>National <00:01:08.764>Wealth <00:01:09.102>Fund <00:01:09.406>providing <00:01:09.878>a <00:01:09.958>£202 <00:01:10.988>million <00:01:11.822>guarantee <00:01:12.531>to <00:01:12.855>unlock <00:01:13.218>the <00:01:13.328>lending

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<v Quote>the <00:01:14.208>Cabinet <00:01:14.604>Office <00:01:14.926>announced <00:01:15.411>on <00:01:15.564>August <00:01:15.918>18

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<v Quote>2026. <00:01:17.726>Dell <00:01:18.620>Technologies <00:01:19.406>will <00:01:19.634>separately <00:01:20.062>establish <00:01:20.698>its <00:01:20.922>Scottish <00:01:21.358>base <00:01:21.785>at <00:01:22.018>the <00:01:22.158>zone’s <00:01:22.718>AI <00:01:23.082>Innovation <00:01:23.598>Park.

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<v Bill>£300 <00:01:25.019>million <00:01:25.786>helps, <00:01:26.639>but <00:01:26.799>the <00:01:26.999>£202 <00:01:27.839>million <00:01:28.732>National <00:01:29.216>Wealth <00:01:29.639>Fund <00:01:30.023>guarantee <00:01:30.706>is <00:01:30.939>the <00:01:31.111>real <00:01:31.639>story <00:01:32.119>here.

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<v Bill>It <00:01:33.143>backstops <00:01:33.879>80% <00:01:34.732>of <00:01:34.879>a <00:01:35.079>£252.5 <00:01:37.299>million <00:01:38.343>bank <00:01:38.679>tranche

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<v Bill>so <00:01:40.066>ING <00:01:41.212>ABN <00:01:41.692>AMRO <00:01:42.219>and <00:01:42.359>Santander <00:01:43.379>can <00:01:43.863>lend <00:01:44.167>into <00:01:44.399>a <00:01:44.519>data-center <00:01:45.212>build <00:01:45.527>they <00:01:45.763>apparently <00:01:46.247>didn’t <00:01:46.551>want <00:01:46.732>to <00:01:46.892>carry <00:01:47.252>alone.

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<v Cassidy>Government-backed <00:01:49.143>risk <00:01:49.459>removal <00:01:49.939>for <00:01:50.179>private <00:01:50.732>AI <00:01:51.052>infrastructure—call <00:01:52.812>it <00:01:52.963>industrial <00:01:53.490>policy <00:01:54.071>with <00:01:54.263>very <00:01:54.583>tidy <00:01:54.903>paperwork.

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<v Cassidy>DataVita <00:01:56.719>can <00:01:56.908>expand <00:01:57.452>DV1 <00:01:57.999>and <00:01:58.159>build <00:01:58.399>a <00:01:58.485>second <00:01:58.821>facility.

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<v Cassidy>And <00:02:00.183>Dell <00:02:00.479>putting <00:02:00.799>its <00:02:00.963>Scottish <00:02:01.383>base <00:02:01.692>at <00:02:01.819>the <00:02:01.930>Innovation <00:02:02.519>Park <00:02:02.892>gives <00:02:03.199>the <00:02:03.383>zone <00:02:03.719>a <00:02:03.863>real <00:02:04.170>enterprise-tenant <00:02:05.068>signal <00:02:05.535>alongside <00:02:06.079>the <00:02:06.263>financing.

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<v Bill>I <00:02:07.639>like <00:02:08.119>the <00:02:08.199>structure <00:02:08.807>more <00:02:09.031>than <00:02:09.199>a <00:02:09.332>vague <00:02:09.857>investment <00:02:10.508>pledge, <00:02:11.339>but <00:02:11.799>a <00:02:11.991>guarantee <00:02:12.332>makes <00:02:12.663>debt <00:02:12.975>available—it <00:02:14.239>doesn’t <00:02:14.586>energize <00:02:15.252>racks.

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<v Bill>I <00:02:16.535>want <00:02:16.652>to <00:02:16.819>see <00:02:17.019>the <00:02:17.146>power-delivery <00:02:18.092>schedule <00:02:18.639>and <00:02:19.019>the <00:02:19.141>hardware <00:02:19.688>installation <00:02:20.359>dates.

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<v Bill>Then <00:02:21.751>show <00:02:22.252>me <00:02:22.391>what <00:02:22.590>capacity <00:02:23.239>is <00:02:23.479>live <00:02:23.852>at <00:02:24.172>DV1 <00:02:25.010>before <00:02:25.612>we <00:02:25.772>count <00:02:26.079>the <00:02:26.279>3,400 <00:02:27.895>jobs <00:02:28.706>or <00:02:28.959>the <00:02:29.159>£8.2 <00:02:30.249>billion <00:02:31.219>private-investment <00:02:32.341>headline.

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<v Cassidy>From <00:02:33.755>Bill <00:02:34.004>Tanner <00:02:34.400>at <00:02:34.547>Intelligent <00:02:35.147>CIO <00:02:35.616>Europe:

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<v Quote>Bitdeer <00:02:36.947>has <00:02:37.113>signed <00:02:37.427>a <00:02:37.547>16-year <00:02:38.267>colocation <00:02:39.054>lease <00:02:39.407>and <00:02:39.529>services <00:02:40.067>agreement <00:02:40.547>for <00:02:40.987>121MW <00:02:42.640>of <00:02:42.907>AI <00:02:43.287>and <00:02:43.515>high-performance <00:02:44.315>computing <00:02:44.827>capacity <00:02:45.574>at <00:02:45.847>its <00:02:46.080>Tydal

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<v Quote>data <00:02:46.701>centre <00:02:46.987>campus <00:02:47.520>in <00:02:47.696>Norway.

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<v Quote>The <00:02:48.963>agreement <00:02:49.673>signed <00:02:49.977>through <00:02:50.245>subsidiary <00:02:50.934>Tydal <00:02:51.291>Data <00:02:51.593>Center <00:02:52.054>AS <00:02:52.475>with <00:02:52.747>Volta <00:02:53.200>Tydal <00:02:53.680>AS

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<v Quote>represents <00:02:54.873>approximately <00:02:55.547>US$4.7 <00:02:56.727>billion <00:02:57.760>in <00:02:57.918>contracted <00:02:58.487>revenue <00:02:58.971>over <00:02:59.247>the <00:02:59.347>initial <00:02:59.707>term.

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<v Quote>An <00:03:00.880>eight-year <00:03:01.367>renewal <00:03:01.844>option <00:03:02.227>could <00:03:02.471>increase <00:03:02.867>the <00:03:03.040>total <00:03:03.360>contract <00:03:03.854>value <00:03:04.240>to <00:03:04.393>around <00:03:04.720>US$8 <00:03:05.197>billion <00:03:06.171>over <00:03:06.587>24 <00:03:07.134>years.

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<v Cassidy>The <00:03:08.178>Anthropic <00:03:08.683>Norway <00:03:09.066>compute <00:03:09.394>deal <00:03:09.613>we’ve <00:03:09.778>been <00:03:09.950>tracking <00:03:10.386>now <00:03:10.686>has <00:03:10.926>Bitdeer’s <00:03:11.399>contract <00:03:11.906>side: <00:03:12.866>121 <00:03:13.806>megawatts <00:03:14.359>at <00:03:14.546>Tydal, <00:03:15.119>worth <00:03:15.626>about <00:03:15.906>$4.7 <00:03:16.826>billion.

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<v Cassidy>And <00:03:18.486>yes, <00:03:18.946>a <00:03:19.266>16-year <00:03:19.726>colocation <00:03:20.386>term <00:03:20.759>turns <00:03:21.053>an <00:03:21.266>AI-demand <00:03:22.066>forecast <00:03:22.834>into <00:03:23.386>a <00:03:23.490>very <00:03:23.816>serious <00:03:24.356>balance-sheet <00:03:25.026>bet.

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<v Bill>The <00:03:26.666>$8 <00:03:26.976>billion <00:03:27.817>headline <00:03:28.479>comes <00:03:28.978>with <00:03:29.133>an <00:03:29.266>asterisk <00:03:29.966>the <00:03:30.242>size <00:03:30.679>of <00:03:30.889>Norway: <00:03:32.199>eight <00:03:32.519>of <00:03:32.679>those <00:03:33.026>24 <00:03:33.519>years <00:03:34.086>are <00:03:34.506>a <00:03:34.706>renewal <00:03:35.369>option.

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<v Bill>The <00:03:36.746>committed <00:03:37.159>piece <00:03:37.533>is <00:03:37.906>121 <00:03:39.166>megawatts <00:03:39.946>through <00:03:40.266>the <00:03:40.436>initial <00:03:40.946>16-year <00:03:41.938>term, <00:03:42.978>with <00:03:43.173>phase <00:03:43.586>one <00:03:43.906>due <00:03:44.199>December <00:03:44.706>31 <00:03:45.546>and <00:03:45.986>phase <00:03:46.486>two <00:03:46.866>on <00:03:47.093>March <00:03:47.506>31, <00:03:48.626>2027.

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<v Cassidy>They’ve <00:03:51.159>named <00:03:51.446>the <00:03:51.566>key <00:03:51.802>operators, <00:03:52.466>too: <00:03:53.406>Volta <00:03:53.773>Tydal <00:03:54.119>is <00:03:54.288>involved, <00:03:55.146>and <00:03:55.346>Dell <00:03:55.719>is <00:03:55.846>the <00:03:55.957>technology <00:03:56.528>provider.

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<v Cassidy>The <00:03:58.034>site <00:03:58.290>uses <00:03:58.615>NVIDIA <00:03:59.186>GPUs <00:03:59.846>and <00:03:59.966>has <00:04:00.226>133 <00:04:01.246>megawatts <00:04:01.773>of <00:04:01.879>gross <00:04:02.208>capacity <00:04:02.763>behind <00:04:03.146>a <00:04:03.266>121-megawatt <00:04:04.919>IT <00:04:05.282>load.

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<v Cassidy>That’s <00:04:06.746>a <00:04:06.826>lot <00:04:06.978>more <00:04:07.163>useful <00:04:07.538>than <00:04:07.706>a <00:04:07.794>rendering <00:04:08.242>with <00:04:08.326>the <00:04:08.466>words <00:04:09.106>‘AI <00:04:09.849>campus’ <00:04:10.850>pasted <00:04:11.234>over <00:04:11.506>it.

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<v Bill>I <00:04:12.034>like <00:04:12.266>the <00:04:12.446>two-phase <00:04:13.106>dates <00:04:13.556>because <00:04:13.938>they <00:04:14.114>give <00:04:14.359>us <00:04:14.506>something <00:04:14.946>to <00:04:15.213>audit.

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<v Bill>IREN <00:04:17.082>accepting <00:04:17.746>50 <00:04:18.146>megawatts <00:04:18.839>at <00:04:19.013>Childress <00:04:19.666>was <00:04:19.926>the <00:04:20.086>bar <00:04:20.466>last <00:04:20.866>episode; <00:04:22.359>Tydal <00:04:22.690>gets <00:04:23.026>credit <00:04:23.538>when <00:04:23.719>those <00:04:24.050>four <00:04:24.399>halls <00:04:24.906>are <00:04:25.093>energized <00:04:25.986>and <00:04:26.626>GPUs <00:04:27.326>are

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<v Bill>actually <00:04:27.975>taking <00:04:28.514>jobs

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<v Bill>not <00:04:29.890>when <00:04:30.166>the <00:04:30.296>renewal <00:04:30.855>option <00:04:31.362>inflates <00:04:32.026>a <00:04:32.133>press-release <00:04:33.003>number.

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<v Cassidy>From <00:04:35.407>Danilo <00:04:35.834>Masoni <00:04:36.300>at <00:04:36.451>Business <00:04:36.887>Day:

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<v Quote>The <00:04:37.800>rally <00:04:38.186>in <00:04:38.426>AI-linked <00:04:38.990>stocks <00:04:39.365>that <00:04:39.527>marked <00:04:39.753>the <00:04:39.870>latest <00:04:40.257>earnings <00:04:40.682>season <00:04:41.213>has <00:04:41.613>shifted <00:04:41.933>the <00:04:42.120>focus <00:04:42.480>of <00:04:42.573>the <00:04:42.800>AI <00:04:43.057>investment <00:04:43.546>story <00:04:43.845>from <00:04:44.013>whether <00:04:44.353>Big

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<v Quote>Tech’s <00:04:45.075>spending <00:04:45.320>spree <00:04:45.685>will <00:04:45.853>pay <00:04:46.053>off <00:04:46.426>to <00:04:46.733>the <00:04:46.901>kind <00:04:47.120>of <00:04:47.221>companies <00:04:47.685>that <00:04:47.845>will <00:04:48.023>deliver <00:04:48.433>returns <00:04:48.901>over <00:04:49.113>the <00:04:49.230>longer <00:04:49.653>term

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<v Quote>investors <00:04:50.753>say. <00:04:51.153>Results <00:04:52.165>from <00:04:52.349>Microsoft <00:04:52.873>and <00:04:53.024>Amazon <00:04:53.680>reassured <00:04:54.423>markets <00:04:54.805>that <00:04:54.990>demand <00:04:55.393>remains <00:04:55.893>robust <00:04:56.413>for <00:04:56.553>the <00:04:56.661>infrastructure <00:04:57.349>that <00:04:57.480>underpins <00:04:58.213>AI.

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<v Cassidy>Reuters <00:04:59.258>is <00:04:59.401>catching <00:04:59.705>the <00:04:59.811>market <00:05:00.165>move <00:05:00.533>from

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<v Cassidy>“Is <00:05:01.338>AI <00:05:01.658>spend <00:05:02.005>real?” <00:05:02.832>to

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<v Cassidy>“Fine—who <00:05:04.218>keeps <00:05:04.505>the <00:05:04.611>margin <00:05:04.917>when <00:05:05.107>capacity <00:05:05.658>stops <00:05:05.952>being <00:05:06.176>scarce?” <00:05:06.949>Microsoft <00:05:08.265>and <00:05:08.394>Amazon <00:05:08.858>earnings <00:05:09.317>kept <00:05:09.465>the <00:05:09.582>demand <00:05:09.989>side <00:05:10.336>intact.

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<v Cassidy>The <00:05:11.731>harder <00:05:12.069>call <00:05:12.378>is <00:05:12.505>whether <00:05:12.714>hyperscalers <00:05:13.658>or <00:05:13.818>neoclouds <00:05:14.685>own <00:05:14.825>the <00:05:14.929>profitable <00:05:15.432>layer.

51
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<v Bill>“Cloud <00:05:17.198>constraints <00:05:18.119>easing” <00:05:19.022>sounds <00:05:19.892>wonderfully <00:05:20.517>tidy <00:05:21.045>in <00:05:21.258>an <00:05:21.418>investor <00:05:21.909>note.

52
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<v Bill>Usable <00:05:23.605>capacity <00:05:24.312>still <00:05:24.725>has <00:05:24.992>to <00:05:25.125>clear <00:05:25.632>power

53
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<v Bill>hardware <00:05:27.196>delivery <00:05:28.143>networking

54
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<v Bill>and <00:05:29.267>customer <00:05:29.816>deployment—those <00:05:31.189>timelines <00:05:31.805>don’t <00:05:32.141>magically <00:05:32.712>synchronize <00:05:33.525>because <00:05:34.125>a <00:05:34.229>portfolio <00:05:34.875>manager <00:05:35.465>rotated.

55
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<v Cassidy>And <00:05:37.305>the <00:05:37.422>stakes <00:05:37.785>are <00:05:37.895>already <00:05:38.307>enormous: <00:05:39.569>Business <00:05:39.965>Day <00:05:40.165>puts <00:05:40.538>known <00:05:40.869>data-center <00:05:41.485>lease <00:05:41.725>commitments <00:05:42.197>from <00:05:42.397>Microsoft

56
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<v Cassidy>Meta <00:05:44.154>Oracle <00:05:44.748>Amazon <00:05:45.465>and <00:05:45.623>Alphabet <00:05:46.485>at <00:05:46.685>about <00:05:46.965>$1.16 <00:05:48.529>trillion.

57
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<v Cassidy>After <00:05:50.665>the <00:05:50.785>Lanarkshire <00:05:51.405>and <00:05:51.582>Norway <00:05:52.005>deals

58
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<v Cassidy>investors <00:05:53.405>are <00:05:53.565>finally <00:05:53.895>pricing <00:05:54.285>the <00:05:54.448>infrastructure <00:05:55.112>stack <00:05:55.472>as <00:05:55.605>a <00:05:55.749>long-duration <00:05:56.467>business—not <00:05:57.805>a <00:05:57.885>quarterly <00:05:58.385>GPU <00:05:58.925>pop.

59
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<v Bill>I’d <00:06:00.485>be <00:06:00.695>careful <00:06:01.093>with <00:06:01.325>the <00:06:01.605>“constraints <00:06:02.517>ease, <00:06:03.145>returns <00:06:03.925>normalize” <00:06:04.972>story.

60
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<v Bill>A <00:06:06.152>model <00:06:06.517>that’s <00:06:06.769>slightly <00:06:07.182>better <00:06:07.565>and <00:06:07.734>dramatically <00:06:08.375>cheaper <00:06:08.785>can <00:06:09.029>reshuffle <00:06:09.594>demand <00:06:10.133>fast

61
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<v Bill>and <00:06:11.405>whoever <00:06:11.747>controls <00:06:12.265>the <00:06:12.389>inference <00:06:13.093>bill <00:06:13.669>gets <00:06:13.965>a <00:06:14.085>much <00:06:14.472>nicer <00:06:14.885>outcome <00:06:15.493>than <00:06:15.725>whoever <00:06:16.062>merely <00:06:16.494>financed <00:06:17.245>the <00:06:17.418>building.

62
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<v Bill>When <00:06:19.007>a <00:06:19.147>project <00:06:19.594>is <00:06:19.695>announced <00:06:20.180>in <00:06:20.347>gigawatts <00:06:21.140>or <00:06:21.318>billions <00:06:21.940>of <00:06:22.117>dollars, <00:06:23.227>why <00:06:23.471>call <00:06:23.775>that <00:06:24.047>new <00:06:24.420>AI <00:06:24.743>computing <00:06:25.336>capacity <00:06:26.074>right <00:06:26.319>away?

63
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<v Bill>What <00:06:27.780>turns <00:06:28.087>a <00:06:28.198>headline <00:06:28.863>deal <00:06:29.359>into <00:06:29.887>machines <00:06:30.607>developers <00:06:31.467>can <00:06:31.709>actually <00:06:32.407>use?

64
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<v Cassidy>The <00:06:33.795>first <00:06:34.208>test <00:06:34.581>is <00:06:34.718>whether <00:06:34.968>the <00:06:35.138>project <00:06:35.548>has <00:06:35.781>power <00:06:36.096>that <00:06:36.348>can <00:06:36.590>actually <00:06:37.141>be <00:06:37.304>delivered.

65
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<v Cassidy>A <00:06:38.608>site, <00:06:39.208>a <00:06:39.305>target <00:06:39.712>date, <00:06:40.421>or <00:06:40.568>a <00:06:40.668>utility <00:06:41.139>discussion <00:06:41.688>doesn’t <00:06:41.988>get <00:06:42.115>power <00:06:42.501>to <00:06:42.628>the <00:06:42.750>facility.

66
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<v Cassidy>BloombergNEF <00:06:44.998>analyst <00:06:45.541>Lloyd <00:06:45.888>Arnold <00:06:46.416>says <00:06:46.640>more <00:06:46.816>than <00:06:47.328>23 <00:06:47.708>gigawatts <00:06:48.315>of <00:06:48.432>data-center <00:06:49.168>IT <00:06:49.559>capacity <00:06:50.181>is <00:06:50.315>under <00:06:50.491>construction <00:06:51.070>globally

67
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<v Cassidy>but <00:06:52.411>construction <00:06:52.981>is <00:06:53.136>only <00:06:53.388>one <00:06:53.675>stage.

68
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<v Cassidy>Power <00:06:55.143>availability, <00:06:56.251>transmission <00:06:56.816>infrastructure, <00:06:57.768>and <00:06:58.148>the <00:06:58.261>energization <00:06:58.999>timeline <00:06:59.628>can <00:06:59.848>still <00:07:00.096>hold <00:07:00.341>up <00:07:00.528>operations.

69
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<v Cassidy>An <00:07:02.341>AI <00:07:02.670>facility <00:07:03.232>also <00:07:03.528>needs <00:07:03.768>a <00:07:03.852>physical <00:07:04.277>design <00:07:04.741>built <00:07:05.048>for <00:07:05.328>GPU <00:07:05.872>workloads—very <00:07:07.456>high <00:07:07.701>power <00:07:08.028>density

70
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<v Cassidy>purpose-built <00:07:09.478>cooling

71
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<v Cassidy>and <00:07:10.528>low-latency <00:07:11.381>interconnects—not <00:07:12.868>the <00:07:12.983>capabilities <00:07:13.675>of <00:07:13.768>a <00:07:13.845>conventional <00:07:14.352>data <00:07:14.654>center.

72
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<v Cassidy>For <00:07:15.928>a <00:07:16.015>credibility <00:07:16.595>check

73
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<v Cassidy>look <00:07:17.508>for <00:07:17.639>executed <00:07:18.252>agreements <00:07:18.720>that <00:07:18.915>spell <00:07:19.288>out <00:07:19.428>the <00:07:19.557>usable <00:07:20.128>IT <00:07:20.528>load

74
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<v Cassidy>contract <00:07:21.888>term <00:07:22.652>customer <00:07:23.088>obligations

75
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<v Cassidy>and <00:07:24.572>conditions <00:07:25.040>that <00:07:25.195>could <00:07:25.368>let <00:07:25.545>either <00:07:25.968>side <00:07:26.384>exit.

76
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<v Cassidy>In <00:07:27.717>Norway <00:07:28.588>Bitdeer <00:07:28.984>disclosed <00:07:29.568>a <00:07:29.728>16-year <00:07:30.508>colocation <00:07:31.288>and <00:07:31.461>services <00:07:31.952>agreement <00:07:32.628>for <00:07:33.088>121 <00:07:34.248>megawatts <00:07:34.821>of <00:07:35.061>IT <00:07:35.408>load

77
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<v Cassidy>supported <00:07:36.741>by <00:07:36.898>roughly <00:07:37.408>133 <00:07:38.668>megawatts <00:07:39.328>gross

78
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<v Cassidy>alongside <00:07:40.988>anticipated <00:07:41.688>letters <00:07:41.995>of <00:07:42.117>credit <00:07:42.568>subject <00:07:42.901>to <00:07:43.066>conditions.

79
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<v Cassidy>That <00:07:44.488>tells <00:07:44.741>us <00:07:44.896>more <00:07:45.120>than <00:07:45.248>a <00:07:45.309>big <00:07:45.529>partnership <00:07:46.031>headline.

80
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<v Cassidy>It <00:07:47.276>still <00:07:47.449>doesn’t <00:07:47.761>tell <00:07:47.942>us <00:07:48.069>the <00:07:48.191>capacity <00:07:48.742>is <00:07:48.902>energized <00:07:49.589>and <00:07:49.697>available <00:07:50.209>today.

81
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<v Bill>So <00:07:51.609>a <00:07:51.706>signed <00:07:52.116>lease <00:07:52.516>still <00:07:52.906>leaves <00:07:53.289>a <00:07:53.409>lot <00:07:53.702>to <00:07:53.902>prove.

82
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<v Bill>What’s <00:07:55.529>the <00:07:55.689>clearest <00:07:56.179>warning <00:07:56.625>sign <00:07:57.041>that <00:07:57.209>a <00:07:57.319>project <00:07:57.869>may <00:07:58.102>be <00:07:58.273>more <00:07:58.596>promotional <00:07:59.441>than <00:07:59.949>operational?

83
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<v Cassidy>Watch <00:08:01.213>for <00:08:01.390>claims <00:08:01.749>that <00:08:01.877>blur <00:08:02.193>pledged <00:08:02.671>investment, <00:08:03.613>planned <00:08:03.964>capacity, <00:08:04.953>and <00:08:05.078>contracted, <00:08:06.000>energized <00:08:06.853>capacity.

84
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<v Cassidy>Also <00:08:08.666>watch <00:08:08.953>for <00:08:09.053>missing <00:08:09.390>detail <00:08:09.786>on <00:08:09.941>grid <00:08:10.184>connection, <00:08:11.093>financing, <00:08:12.346>water <00:08:12.666>or <00:08:12.833>cooling, <00:08:13.673>and <00:08:13.786>customer <00:08:14.266>commitments.

85
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<v Cassidy>Capacity’s <00:08:16.426>Amber <00:08:16.753>Jackson <00:08:17.226>reported <00:08:17.715>concerns <00:08:18.280>about <00:08:18.773>“phantom <00:08:19.306>investments” <00:08:20.000>in <00:08:20.186>UK <00:08:20.501>data <00:08:20.753>centers

86
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<v Cassidy>where <00:08:21.853>announced <00:08:22.266>money <00:08:22.553>and <00:08:22.666>projects <00:08:23.125>were <00:08:23.313>not <00:08:23.546>necessarily <00:08:24.204>tangible.

87
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<v Cassidy>The <00:08:25.540>distinction <00:08:26.106>is <00:08:26.270>simple.

88
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<v Cassidy>Land <00:08:27.753>and <00:08:27.853>a <00:08:27.933>press <00:08:28.173>release <00:08:28.493>are <00:08:28.666>early <00:08:29.003>signals.

89
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<v Cassidy>To <00:08:30.261>call <00:08:30.480>it <00:08:30.602>usable <00:08:31.083>compute, <00:08:32.013>you <00:08:32.165>need <00:08:32.341>delivered <00:08:32.853>power, <00:08:33.440>built <00:08:34.032>infrastructure, <00:08:35.353>and <00:08:35.485>disclosed <00:08:36.184>commercial <00:08:36.786>terms.

90
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<v Cassidy>If <00:08:38.086>you <00:08:38.194>want <00:08:38.434>more <00:08:38.679>on <00:08:38.893>AI <00:08:39.197>policy <00:08:39.786>and <00:08:39.950>national <00:08:40.377>security

91
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<v Cassidy>check <00:08:41.806>out <00:08:42.050>Anthropic <00:08:42.768>Pentagon <00:08:43.346>Watch—a <00:08:44.359>daily <00:08:44.688>briefing <00:08:45.239>on <00:08:45.394>Anthropic’s <00:08:46.119>fight <00:08:46.418>with <00:08:46.566>the <00:08:46.759>DoD <00:08:47.314>over <00:08:47.586>Claude

92
00:08:48.324 --> 00:08:51.746
<v Cassidy>military <00:08:49.213>AI <00:08:49.546>use <00:08:50.059>autonomous <00:08:50.856>weapons

93
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<v Cassidy>and <00:08:52.013>AI <00:08:52.279>procurement <00:08:52.933>blacklisting.

94
00:08:53.938 --> 00:08:56.946
<v Cassidy>Find <00:08:54.759>it <00:08:54.902>wherever <00:08:55.206>you <00:08:55.312>listen <00:08:55.613>to <00:08:55.755>podcasts.

95
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<v Cassidy>We’re <00:08:58.093>watching <00:08:58.489>for <00:08:58.676>phase <00:08:59.069>one <00:08:59.302>at <00:08:59.469>Bitdeer’s <00:08:59.942>Tydal <00:09:00.289>site

96
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<v Cassidy>targeted <00:09:01.462>to <00:09:01.622>start <00:09:01.916>on <00:09:02.022>December <00:09:02.529>31

97
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<v Cassidy>2026 <00:09:04.725>followed <00:09:05.062>by <00:09:05.222>phase <00:09:05.569>two

98
00:09:06.040 --> 00:09:08.049
<v Cassidy>targeted <00:09:06.649>for <00:09:06.822>March <00:09:07.169>31

99
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<v Cassidy>2027. <00:09:09.329>Links <00:09:10.182>to <00:09:10.329>every <00:09:10.582>story <00:09:10.889>are <00:09:11.036>in <00:09:11.109>the <00:09:11.217>show <00:09:11.462>notes, <00:09:11.942>so <00:09:12.089>check <00:09:12.309>out <00:09:12.409>the <00:09:12.577>ones <00:09:12.785>that <00:09:12.883>caught <00:09:13.121>your <00:09:13.313>attention.

100
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<v Cassidy>That’s <00:09:14.796>AI <00:09:15.062>Daily <00:09:15.369>Briefing <00:09:15.769>for <00:09:15.969>today.

101
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<v Cassidy>This <00:09:17.062>is <00:09:17.209>a <00:09:17.309>Lantern <00:09:17.819>Podcast.