WEBVTT

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<v Cassidy>The <00:00:00.187>AI <00:00:00.450>compute <00:00:00.864>boom <00:00:01.168>just <00:00:01.420>ran <00:00:01.644>straight <00:00:02.048>into <00:00:02.309>export-control <00:00:03.180>enforcement.

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<v Cassidy>New <00:00:05.227>to <00:00:05.312>this <00:00:05.520>story? <00:00:06.352>Here's <00:00:06.747>where <00:00:06.926>things <00:00:07.267>stand.

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<v Cassidy>Demand <00:00:08.592>from <00:00:08.760>model <00:00:09.040>labs <00:00:09.400>and <00:00:09.580>enterprises <00:00:10.267>is <00:00:10.370>driving <00:00:10.800>big <00:00:11.093>physical <00:00:11.573>buildouts <00:00:12.133>at <00:00:12.298>specialist <00:00:13.013>AI-infrastructure <00:00:13.984>providers.

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<v Cassidy>CoreWeave, <00:00:16.062>Together <00:00:16.747>AI, <00:00:17.600>Cerebras, <00:00:18.670>Nebius, <00:00:19.320>and <00:00:19.500>Bitdeer <00:00:20.256>have <00:00:20.680>all <00:00:20.853>reported <00:00:21.340>new <00:00:21.600>capacity, <00:00:22.560>backlog, <00:00:23.227>or <00:00:23.344>financing <00:00:24.000>milestones.

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<v Cassidy>Bitdeer <00:00:26.160>AI <00:00:26.580>for <00:00:26.700>example

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<v Cassidy>recently <00:00:27.660>secured <00:00:28.160>a <00:00:28.304>five-year <00:00:28.791>contract <00:00:29.400>worth <00:00:29.650>roughly <00:00:30.080>$400 <00:00:30.790>million <00:00:31.900>for <00:00:32.120>about <00:00:32.384>half <00:00:32.667>of <00:00:32.780>its <00:00:33.040>9.5MW <00:00:34.920>A102 <00:00:35.893>AI <00:00:36.224>data <00:00:36.526>center <00:00:36.853>in <00:00:37.022>Malaysia—before <00:00:38.500>the

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<v Cassidy>facility <00:00:39.173>is <00:00:39.333>energized.

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<v Bill>This <00:00:41.200>is <00:00:41.520>AI <00:00:42.227>Daily <00:00:42.627>Briefing.

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<v Bill>A <00:00:43.853>giant <00:00:44.390>Georgia <00:00:44.950>compute <00:00:45.520>deal

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<v Bill>alleged <00:00:47.029>server <00:00:47.496>smuggling

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<v Bill>and <00:00:48.680>a <00:00:48.773>fight <00:00:49.088>over <00:00:49.340>who <00:00:49.609>controls <00:00:50.416>open-source <00:00:51.368>inference—let's <00:00:53.080>start <00:00:53.312>with <00:00:53.460>the <00:00:53.582>contract <00:00:54.107>where <00:00:54.280>the <00:00:54.444>customer <00:00:54.880>kept <00:00:55.253>an <00:00:55.429>escape <00:00:55.920>hatch.

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<v Cassidy>From <00:00:57.560>The <00:00:57.673>Economic <00:00:58.193>Times:

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<v Quote>Under <00:00:59.357>the <00:00:59.481>deal <00:01:00.097>the <00:01:00.261>customer <00:01:00.649>will <00:01:00.817>get <00:01:01.006>access <00:01:01.470>to <00:01:01.705>GPUs <00:01:02.237>and <00:01:02.357>related <00:01:02.839>services <00:01:03.385>from <00:01:03.617>RUM <00:01:03.857>Group's <00:01:04.177>Maysville

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<v Quote>Georgia <00:01:05.145>site <00:01:05.684>which <00:01:05.870>is <00:01:06.009>currently <00:01:06.337>under <00:01:06.584>development.

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<v Quote>The <00:01:07.870>customer <00:01:08.329>will <00:01:08.537>buy <00:01:08.817>$13.7 <00:01:10.097>billion <00:01:10.990>in <00:01:11.217>GPU <00:01:11.639>services <00:01:12.201>over <00:01:12.537>six <00:01:12.844>years <00:01:13.257>in <00:01:13.457>three <00:01:13.724>parts

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<v Quote>with <00:01:14.657>the <00:01:14.841>last <00:01:15.154>instalment <00:01:15.708>contingent <00:01:16.270>on <00:01:16.417>a <00:01:16.510>delivery <00:01:16.985>date <00:01:17.239>approved <00:01:17.790>by <00:01:17.917>the <00:01:18.034>client.

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<v Cassidy>The <00:01:18.887>neocloud <00:01:19.454>backlog <00:01:19.927>story <00:01:20.247>is <00:01:20.384>getting <00:01:20.651>bigger: <00:01:21.594>RUM <00:01:21.834>Group <00:01:22.098>says <00:01:22.381>an <00:01:22.514>unnamed <00:01:23.154>U.S.

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<v Cassidy>cloud <00:01:23.687>customer <00:01:24.171>signed <00:01:24.554>for <00:01:24.754>$13.7 <00:01:26.144>billion <00:01:26.967>in <00:01:27.194>GPU <00:01:27.625>services.

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<v Cassidy>It's <00:01:29.034>a <00:01:29.154>six-year <00:01:29.602>deal <00:01:29.847>at <00:01:29.994>Maysville, <00:01:30.624>Georgia—except <00:01:31.834>Maysville <00:01:32.407>is <00:01:32.554>still <00:01:32.781>under <00:01:32.967>development.

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<v Bill>And <00:01:34.418>tranche <00:01:34.901>three <00:01:35.314>only <00:01:35.701>comes <00:01:36.134>due <00:01:36.594>if <00:01:36.954>the <00:01:37.131>client <00:01:37.545>approves <00:01:38.134>the <00:01:38.256>delivery <00:01:38.834>date.

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<v Bill>Good—construction <00:01:41.250>risk <00:01:41.704>belongs <00:01:42.226>with <00:01:42.394>the <00:01:42.564>builder.

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<v Bill>If <00:01:43.842>that <00:01:44.114>site <00:01:44.527>slips, <00:01:45.434>$13.7 <00:01:46.884>billion <00:01:47.844>becomes <00:01:48.234>a <00:01:48.338>very <00:01:48.666>expensive <00:01:49.381>press <00:01:49.774>release <00:01:50.322>with <00:01:50.954>two <00:01:51.386>completed <00:01:52.105>payments.

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<v Cassidy>RUM—formerly <00:01:54.874>Rumble, <00:01:55.334>the <00:01:55.434>Truth <00:01:55.691>Social <00:01:56.114>host—also <00:01:57.266>gave <00:01:57.442>this <00:01:57.694>unnamed <00:01:58.167>buyer <00:01:58.494>options <00:01:58.967>on <00:01:59.104>roughly <00:01:59.474>51 <00:01:59.994>million <00:02:00.331>shares <00:02:00.701>at <00:02:00.834>one <00:02:01.122>cent <00:02:01.367>apiece.

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<v Cassidy>So <00:02:02.954>the <00:02:03.118>customer <00:02:03.522>gets <00:02:03.842>GPUs <00:02:04.407>if <00:02:04.554>Georgia <00:02:04.874>comes <00:02:05.154>online, <00:02:06.162>plus <00:02:06.411>equity <00:02:06.823>upside <00:02:07.261>while <00:02:07.421>it <00:02:07.554>waits.

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<v Bill>The <00:02:09.021>eight-percent <00:02:09.814>premarket <00:02:10.654>pop <00:02:11.154>is <00:02:11.334>the <00:02:11.451>market <00:02:11.863>buying <00:02:12.294>the <00:02:12.416>headline.

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<v Bill>I'm <00:02:13.918>watching <00:02:14.314>the <00:02:14.514>client-approved <00:02:15.890>date.

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<v Bill>Until <00:02:17.274>Maysville <00:02:17.847>is <00:02:17.998>delivering <00:02:18.494>compute, <00:02:19.494>the <00:02:19.621>contingency <00:02:20.423>clause <00:02:20.914>is <00:02:21.094>the <00:02:21.266>only <00:02:21.826>hard <00:02:22.341>thing <00:02:22.770>here.

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<v Cassidy>Ars <00:02:24.268>Technica <00:02:24.708>writes:

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<v Quote>Taiwan <00:02:27.870>has <00:02:28.043>indicted <00:02:28.518>nine <00:02:28.779>people— <00:02:29.481>reportedly <00:02:30.038>including <00:02:30.497>an <00:02:30.619>Nvidia <00:02:31.076>senior <00:02:31.430>manager <00:02:32.030>and <00:02:32.210>two <00:02:32.457>Supermicro <00:02:33.174>employees <00:02:33.803>based <00:02:34.097>in <00:02:34.170>the <00:02:34.290>country—who

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<v Quote>allegedly <00:02:35.796>helped <00:02:36.123>forge <00:02:36.454>documents <00:02:37.057>to <00:02:37.163>cover <00:02:37.457>up <00:02:37.560>illegal <00:02:37.990>exports <00:02:38.577>of <00:02:38.678>high-end <00:02:39.217>AI <00:02:39.490>servers <00:02:39.963>to <00:02:40.150>China <00:02:40.657>in <00:02:40.926>violation <00:02:41.483>of <00:02:41.697>US <00:02:41.967>export <00:02:42.390>controls. <00:02:43.403>On <00:02:44.047>Monday

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<v Quote>Reuters <00:02:45.083>reported <00:02:45.542>that <00:02:45.730>prosecutors <00:02:46.417>in <00:02:46.550>Keelung <00:02:47.070>did <00:02:47.230>not <00:02:47.400>release <00:02:47.830>any <00:02:48.150>names <00:02:48.630>but <00:02:48.918>confirmed <00:02:49.382>that <00:02:49.530>the <00:02:49.643>suspects <00:02:50.102>were <00:02:50.270>“charged <00:02:50.726>with <00:02:50.847>breach <00:02:51.217>of <00:02:51.350>trust

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<v Quote>and <00:02:51.963>document <00:02:52.454>forgery.”

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<v Bill>Nine <00:02:53.899>indictments <00:02:55.097>over <00:02:55.648>forged <00:02:56.391>export <00:02:57.233>documents, <00:02:58.457>with <00:02:58.625>a <00:02:58.727>reported <00:02:59.351>Nvidia <00:03:00.162>senior <00:03:00.585>manager <00:03:01.285>and <00:03:01.825>two <00:03:02.292>Supermicro <00:03:03.297>employees <00:03:03.998>in <00:03:04.125>the <00:03:04.305>mix.

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<v Bill>If <00:03:05.405>the <00:03:05.525>allegations <00:03:06.265>hold, <00:03:07.109>internal <00:03:07.545>controls <00:03:08.254>failed <00:03:08.732>right <00:03:09.134>across <00:03:09.565>the <00:03:09.694>server <00:03:10.185>supply <00:03:10.745>chain.

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<v Cassidy>Keelung <00:03:12.412>prosecutors <00:03:13.165>are <00:03:13.278>charging <00:03:13.762>breach <00:03:14.132>of <00:03:14.278>trust <00:03:14.785>and <00:03:14.967>document <00:03:15.545>forgery—not <00:03:16.965>issuing <00:03:17.425>another <00:03:17.785>policy <00:03:18.345>memo.

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<v Cassidy>We <00:03:19.753>just <00:03:19.985>covered <00:03:20.305>a <00:03:20.425>$13.7 <00:03:21.805>billion <00:03:22.553>infrastructure <00:03:23.305>contract; <00:03:24.601>this <00:03:24.718>is <00:03:24.845>the <00:03:24.945>other <00:03:25.209>side <00:03:25.492>of <00:03:25.565>the <00:03:25.689>same <00:03:25.989>hardware <00:03:26.407>business

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<v Cassidy>where <00:03:27.585>enforcement <00:03:28.092>lands <00:03:28.452>in <00:03:28.525>the <00:03:28.629>shipment <00:03:29.057>paperwork.

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<v Bill>The <00:03:30.026>U.S. <00:03:30.406>license <00:03:30.874>rule <00:03:31.106>has <00:03:31.258>been <00:03:31.439>in <00:03:31.599>place <00:03:31.919>since <00:03:32.266>2022.

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<v Bill>It <00:03:34.090>only <00:03:34.426>works <00:03:34.906>if <00:03:35.130>everybody <00:03:35.750>touching <00:03:36.126>the <00:03:36.253>order—Nvidia, <00:03:37.706>Supermicro, <00:03:38.561>distributors—can <00:03:39.930>spot <00:03:40.306>a <00:03:40.529>forged <00:03:41.226>destination <00:03:42.197>before <00:03:42.766>the <00:03:42.890>rack <00:03:43.226>leaves.

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<v Cassidy>Ars <00:03:44.890>also <00:03:45.192>points <00:03:45.493>to <00:03:45.566>the <00:03:45.676>related <00:03:46.090>case <00:03:46.386>against <00:03:46.733>Supermicro <00:03:47.466>co-founder <00:03:48.226>Wally <00:03:48.666>Liaw, <00:03:49.746>involving <00:03:50.156>alleged <00:03:50.562>shipments <00:03:51.119>worth <00:03:51.426>$2.5 <00:03:52.376>billion <00:03:53.213>since <00:03:53.626>2024.

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<v Cassidy>Export <00:03:55.928>controls <00:03:56.506>live <00:03:56.879>or <00:03:57.106>die <00:03:57.546>in <00:03:57.746>day-to-day <00:03:58.273>operations.

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<v Cassidy>Database <00:04:01.059>Trends <00:04:01.422>and <00:04:01.537>Applications <00:04:02.271>writes:

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<v Quote>Under <00:04:03.383>a <00:04:03.530>multi-year <00:04:04.303>$240M <00:04:05.955>agreement <00:04:06.483>between <00:04:07.043>IBM <00:04:07.483>and <00:04:07.587>Together <00:04:08.103>AI

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<v Quote>IBM <00:04:09.356>is <00:04:09.499>positioned <00:04:09.916>to <00:04:10.080>deploy <00:04:10.543>a <00:04:10.716>large <00:04:11.053>cluster <00:04:11.570>of <00:04:11.703>NVIDIA <00:04:12.370>HGX <00:04:13.103>B300 <00:04:13.783>systems <00:04:14.396>on <00:04:14.623>IBM <00:04:15.063>Cloud <00:04:15.543>with <00:04:15.916>expected <00:04:16.405>availability <00:04:17.170>in <00:04:17.463>Q1 <00:04:17.943>2027

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<v Quote>according <00:04:19.356>to <00:04:19.483>the <00:04:19.591>companies.

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<v Quote>Together <00:04:21.356>AI <00:04:21.655>will <00:04:21.863>use <00:04:22.151>this <00:04:22.403>cluster <00:04:22.876>to <00:04:23.033>provide <00:04:23.463>open-source <00:04:24.156>model <00:04:24.487>inference.

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<v Bill>The <00:04:25.685>IBM-Together <00:04:26.585>deal <00:04:27.012>is <00:04:27.385>$240 <00:04:28.625>million, <00:04:30.025>runs <00:04:30.416>multiple <00:04:31.065>years, <00:04:31.905>and <00:04:32.082>brings <00:04:32.665>HGX <00:04:33.625>B300s <00:04:34.676>online <00:04:35.305>in <00:04:35.705>Q1 <00:04:36.345>2027—refreshingly <00:04:38.745>concrete.

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<v Bill>But <00:04:40.141>Together <00:04:40.558>AI <00:04:40.878>still <00:04:41.205>has <00:04:41.412>to <00:04:41.529>turn <00:04:41.833>that <00:04:42.105>capacity <00:04:42.793>into <00:04:43.052>token <00:04:43.454>prices <00:04:43.945>low <00:04:44.231>enough <00:04:44.665>to <00:04:45.017>make <00:04:45.198>enterprises <00:04:45.850>reconsider <00:04:46.572>proprietary <00:04:47.465>APIs

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<v Bill>not <00:04:48.889>just <00:04:49.201>celebrate <00:04:49.745>a <00:04:49.865>very <00:04:50.257>expensive <00:04:50.975>cluster.

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<v Cassidy>And <00:04:51.985>let's <00:04:52.238>be <00:04:52.398>clear <00:04:52.705>about <00:04:52.925>the <00:04:53.065>“open-source” <00:04:54.018>label.

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<v Cassidy>Together <00:04:55.358>controls <00:04:55.805>the <00:04:55.945>fine-tuning <00:04:56.705>and <00:04:56.873>inference <00:04:57.358>layer; <00:04:58.445>IBM <00:04:58.812>Cloud <00:04:59.193>owns <00:04:59.405>the <00:04:59.509>physical <00:04:59.929>substrate.

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<v Cassidy>Open <00:05:01.705>models <00:05:02.205>don't <00:05:02.393>magically <00:05:02.878>erase <00:05:03.205>control <00:05:03.673>over <00:05:03.885>the <00:05:04.038>stack.

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<v Bill>NVIDIA <00:05:05.130>says <00:05:05.475>Spectrum-X <00:05:06.726>and <00:05:07.146>B300 <00:05:08.266>deliver <00:05:09.066>30 <00:05:09.399>times <00:05:09.933>prior-generation <00:05:10.986>AI-factory <00:05:11.957>output.

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<v Bill>Fine—show <00:05:14.319>me <00:05:14.446>the <00:05:14.602>cost <00:05:15.046>per <00:05:15.295>useful <00:05:15.766>million <00:05:16.255>tokens <00:05:16.706>under <00:05:16.964>enterprise <00:05:17.606>traffic, <00:05:18.218>with <00:05:18.746>real <00:05:19.166>latency <00:05:19.926>and <00:05:20.218>ugly <00:05:20.778>long-context <00:05:22.106>workloads.

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<v Bill>Q1 <00:05:24.586>2027 <00:05:25.919>is <00:05:26.234>when <00:05:26.458>this <00:05:26.650>gets <00:05:26.986>judged.

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<v Cassidy>After <00:05:28.226>the <00:05:28.466>$13.7 <00:05:29.396>billion <00:05:30.076>Georgia <00:05:30.488>contract <00:05:31.039>we <00:05:31.178>just <00:05:31.366>covered, <00:05:32.386>$240 <00:05:33.326>million <00:05:34.072>sounds <00:05:34.437>modest.

57
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<v Cassidy>It <00:05:35.766>isn't. <00:05:36.362>This <00:05:37.126>one <00:05:37.346>names <00:05:37.566>the <00:05:37.679>customer <00:05:38.146>and <00:05:38.338>specifies <00:05:39.006>the <00:05:39.119>hardware.

58
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<v Cassidy>We <00:05:40.314>even <00:05:40.546>get <00:05:40.706>a <00:05:40.799>delivery <00:05:41.295>window—commercial <00:05:42.653>terms <00:05:43.006>are <00:05:43.126>finally <00:05:43.576>getting <00:05:43.818>more <00:05:44.006>legible.

59
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<v Cassidy>This <00:05:45.831>one's <00:05:46.079>from <00:05:46.391>iAfrica:

60
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<v Quote>Nigeria <00:05:48.197>has <00:05:48.421>unveiled <00:05:48.857>a <00:05:48.981>National <00:05:49.387>Digital <00:05:49.790>Cloud <00:05:50.137>Policy <00:05:50.710>aimed <00:05:51.204>at <00:05:51.315>attracting <00:05:51.937>$750 <00:05:52.947>million <00:05:53.604>in <00:05:53.707>private <00:05:54.108>investment <00:05:54.697>within <00:05:55.457>24 <00:05:55.783>months

61
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<v Quote>covering <00:05:56.841>data <00:05:57.147>centres

62
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<v Quote>cloud <00:05:58.100>infrastructure <00:05:58.817>and <00:05:59.228>artificial <00:05:59.774>intelligence <00:06:00.265>computing <00:06:00.759>capacity

63
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<v Quote>while <00:06:01.857>setting <00:06:02.197>new <00:06:02.444>rules <00:06:02.817>for <00:06:02.973>government <00:06:03.377>cloud <00:06:03.648>adoption <00:06:04.317>and <00:06:04.637>the <00:06:04.733>protection <00:06:05.150>of <00:06:05.297>sensitive <00:06:05.703>public <00:06:06.041>data.

64
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<v Bill>Nigeria <00:06:07.481>wants <00:06:08.094>$750 <00:06:09.584>million <00:06:10.654>in <00:06:11.034>private <00:06:11.547>cloud <00:06:12.134>and <00:06:12.681>AI <00:06:13.102>infrastructure <00:06:13.825>investment <00:06:14.414>over <00:06:14.814>24 <00:06:15.363>months

65
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<v Bill>but <00:06:16.594>the <00:06:16.702>more <00:06:16.963>useful <00:06:17.470>part <00:06:18.041>is <00:06:18.494>the <00:06:18.814>buying <00:06:19.358>mechanism: <00:06:20.734>pool <00:06:21.105>government <00:06:21.705>demand

66
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<v Bill>then <00:06:22.947>route <00:06:23.267>it <00:06:23.404>through <00:06:23.654>a <00:06:23.756>National <00:06:24.314>Digital <00:06:24.814>Marketplace.

67
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<v Bill>That <00:06:26.554>can <00:06:26.780>create <00:06:27.094>a <00:06:27.214>real <00:06:27.603>anchor <00:06:28.085>customer <00:06:28.734>instead <00:06:29.321>of <00:06:29.414>a <00:06:29.534>slide <00:06:29.998>deck <00:06:30.286>full <00:06:30.441>of <00:06:30.544>addressable <00:06:31.203>market.

68
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<v Cassidy>Bosun <00:06:32.374>Tijani's <00:06:33.031>policy <00:06:33.441>draws <00:06:33.814>a <00:06:33.902>more <00:06:34.150>practical <00:06:34.707>sovereignty <00:06:35.358>line <00:06:35.646>than <00:06:35.794>the <00:06:35.934>usual <00:06:36.404>blanket-localization <00:06:37.705>reflex: <00:06:38.934>sensitive <00:06:39.345>government <00:06:39.894>and <00:06:40.070>regulated

69
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<v Cassidy>data <00:06:41.054>stays <00:06:41.481>under <00:06:41.667>national <00:06:42.164>control; <00:06:43.410>commercial <00:06:43.838>workloads <00:06:44.374>can <00:06:44.547>go <00:06:44.694>where <00:06:44.914>the <00:06:45.030>economics <00:06:45.614>work.

70
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<v Cassidy>That's <00:06:47.094>a <00:06:47.187>grown-up <00:06:47.594>distinction.

71
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<v Bill>They've <00:06:49.118>also <00:06:49.454>split <00:06:49.950>rule-writing, <00:06:51.344>service <00:06:51.756>delivery, <00:06:52.714>and <00:06:52.954>procurement <00:06:53.687>compliance <00:06:54.517>across <00:06:55.201>three <00:06:55.625>bodies.

72
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<v Bill>Good <00:06:57.269>architecture <00:06:58.014>on <00:06:58.267>paper.

73
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<v Bill>The <00:06:59.583>announcement <00:07:00.227>still <00:07:00.547>doesn't <00:07:00.956>identify <00:07:01.507>those <00:07:01.836>institutions

74
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<v Bill>so <00:07:03.234>the <00:07:03.358>next <00:07:03.694>test <00:07:04.094>is <00:07:04.284>whether <00:07:04.574>a <00:07:04.707>ministry <00:07:05.166>with <00:07:05.374>a <00:07:05.507>cloud <00:07:05.831>budget <00:07:06.314>can <00:07:06.778>actually <00:07:07.254>buy <00:07:07.703>capacity <00:07:08.524>without <00:07:09.314>the <00:07:09.414>whole <00:07:09.667>thing <00:07:09.984>turning <00:07:10.382>into <00:07:10.614>a <00:07:10.710>committee.

75
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<v Cassidy>It <00:07:11.998>also <00:07:12.302>puts <00:07:12.544>control <00:07:12.921>of <00:07:13.022>infrastructure <00:07:13.761>right <00:07:14.147>on <00:07:14.274>the <00:07:14.381>procurement <00:07:14.974>table.

76
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<v Cassidy>Nigeria <00:07:16.694>can <00:07:16.862>call <00:07:17.081>an <00:07:17.174>inference <00:07:17.601>stack <00:07:17.998>open-source <00:07:18.634>all <00:07:18.934>day; <00:07:19.907>if <00:07:20.041>an <00:07:20.154>outside <00:07:20.618>provider <00:07:21.045>controls <00:07:21.634>the <00:07:21.758>fine-tuning

77
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<v Cassidy>serving <00:07:23.267>layer <00:07:23.634>and <00:07:23.747>hardware <00:07:24.225>underneath

78
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<v Cassidy>sovereignty <00:07:25.974>has <00:07:26.174>limits.

79
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<v Cassidy>This <00:07:27.804>one's <00:07:28.036>from <00:07:28.244>Ars <00:07:28.537>Technica:

80
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<v Quote>Data <00:07:29.768>centers <00:07:30.220>have <00:07:30.394>become <00:07:30.708>the <00:07:30.868>“killer <00:07:31.281>application <00:07:31.908>for <00:07:32.095>solid-state <00:07:32.650>transformers <00:07:33.415>right <00:07:33.648>now,” <00:07:34.168>Lukic <00:07:34.556>told <00:07:34.848>Ars.

81
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<v Quote>Several <00:07:36.481>US <00:07:36.796>companies

82
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<v Quote>including <00:07:37.761>Amperesand

83
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<v Quote>Heron <00:07:39.215>Power <00:07:39.608>and <00:07:39.921>DG <00:07:40.257>Matrix

84
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<v Quote>have <00:07:41.265>collectively <00:07:41.765>raised <00:07:42.156>more <00:07:42.380>than <00:07:42.548>$280 <00:07:43.728>million <00:07:44.455>in <00:07:44.568>funding <00:07:45.020>over <00:07:45.188>the <00:07:45.356>past <00:07:45.612>year <00:07:46.001>to <00:07:46.319>commercialize <00:07:47.041>solid-state <00:07:47.595>transformer <00:07:48.173>technology.

85
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<v Cassidy>The <00:07:49.476>RUM <00:07:49.740>deal <00:07:50.028>gave <00:07:50.209>us <00:07:50.336>the <00:07:50.466>finance <00:07:50.988>side <00:07:51.143>of <00:07:51.276>capacity.

86
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<v Cassidy>Here's <00:07:52.896>the <00:07:53.000>physical <00:07:53.409>choke <00:07:53.729>point: <00:07:54.596>getting <00:07:54.929>power <00:07:55.228>from <00:07:55.376>the <00:07:55.500>grid <00:07:55.809>to <00:07:55.956>a <00:07:56.092>rack <00:07:56.516>without <00:07:56.836>all <00:07:56.976>the <00:07:57.103>usual <00:07:57.487>conversion <00:07:58.044>gear <00:07:58.263>in <00:07:58.386>between.

87
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<v Bill>Ars <00:07:59.417>has <00:07:59.677>a <00:07:59.837>real <00:08:00.250>proof <00:08:00.784>point <00:08:01.197>here: <00:08:02.217>Lukic's <00:08:02.877>team <00:08:03.257>put <00:08:03.517>a <00:08:03.664>solid-state <00:08:04.384>transformer <00:08:05.197>on <00:08:05.397>a <00:08:05.517>live <00:08:05.917>grid <00:08:06.333>line <00:08:06.857>and <00:08:07.337>ran <00:08:07.597>a <00:08:07.737>megawatt <00:08:08.347>through <00:08:08.637>it.

88
00:08:09.373 --> 00:08:12.557
<v Bill>That's <00:08:10.008>beyond <00:08:10.597>a <00:08:10.717>glossy <00:08:11.266>render.

89
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<v Cassidy>Amperesand, <00:08:13.657>Heron <00:08:13.997>Power, <00:08:14.497>and <00:08:14.690>DG <00:08:15.037>Matrix <00:08:15.613>have <00:08:16.054>raised <00:08:16.437>$280 <00:08:17.437>million <00:08:18.043>around <00:08:18.349>this <00:08:18.504>in <00:08:18.597>a <00:08:18.717>year.

90
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<v Cassidy>Shaving <00:08:20.146>copper, <00:08:20.770>floor <00:08:21.104>space, <00:08:21.537>and <00:08:21.641>electrical <00:08:22.150>complexity <00:08:23.037>is <00:08:23.410>suddenly <00:08:23.917>a <00:08:24.077>very <00:08:24.461>bankable <00:08:25.053>idea.

91
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<v Bill>One <00:08:26.957>megawatt <00:08:27.597>is <00:08:27.837>a <00:08:27.975>meaningful <00:08:28.610>hardware <00:08:29.133>test, <00:08:30.097>but <00:08:30.197>a <00:08:30.294>modern <00:08:30.797>AI <00:08:31.208>campus <00:08:31.824>needs <00:08:32.205>this <00:08:32.461>gear <00:08:32.797>manufactured, <00:08:34.149>installed, <00:08:35.237>and <00:08:35.415>maintained <00:08:36.130>at <00:08:36.454>brutal <00:08:36.877>scale.

92
00:08:37.697 --> 00:08:41.277
<v Bill>Now <00:08:38.573>they <00:08:38.989>have <00:08:39.170>to <00:08:39.330>prove <00:08:39.629>they <00:08:39.797>can <00:08:39.974>deploy <00:08:40.370>it <00:08:40.535>repeatedly.

93
00:08:42.859 --> 00:08:48.379
<v Cassidy>If <00:08:42.959>you’re <00:08:43.149>finding <00:08:43.606>AI <00:08:43.872>Daily <00:08:44.179>Briefing <00:08:44.596>useful, <00:08:45.385>please <00:08:45.715>subscribe <00:08:46.299>or <00:08:46.499>leave <00:08:46.752>us <00:08:46.859>a <00:08:46.916>review <00:08:47.303>wherever <00:08:47.679>you’re <00:08:47.867>listening.

94
00:08:48.489 --> 00:08:52.699
<v Cassidy>Reviews <00:08:49.307>help <00:08:49.526>other <00:08:49.693>people <00:08:49.963>find <00:08:50.239>the <00:08:50.379>show, <00:08:51.119>and <00:08:51.195>they <00:08:51.291>mean <00:08:51.459>a <00:08:51.599>lot <00:08:51.926>to <00:08:52.019>our <00:08:52.219>team.

95
00:08:53.426 --> 00:08:59.186
<v Cassidy>We'll <00:08:53.533>be <00:08:53.630>watching <00:08:54.026>the <00:08:54.246>IBM <00:08:54.626>Cloud <00:08:55.106>NVIDIA <00:08:55.773>HGX <00:08:56.586>B300 <00:08:57.326>cluster <00:08:57.786>for <00:08:57.950>Together <00:08:58.466>AI

96
00:08:59.239 --> 00:09:09.746
<v Cassidy>expected <00:08:59.719>in <00:08:59.986>Q1 <00:09:00.466>2027 <00:09:01.879>along <00:09:02.178>with <00:09:02.386>Nigeria's <00:09:03.106>24-month <00:09:03.963>window <00:09:04.359>to <00:09:04.526>attract <00:09:04.986>$750 <00:09:06.096>million <00:09:06.893>in <00:09:06.996>private <00:09:07.413>cloud <00:09:07.786>and <00:09:08.013>AI <00:09:08.269>infrastructure <00:09:08.931>investment.

97
00:09:09.919 --> 00:09:12.466
<v Cassidy>Links <00:09:10.813>to <00:09:10.893>every <00:09:11.093>story <00:09:11.466>are <00:09:11.613>in <00:09:11.686>the <00:09:11.778>show <00:09:11.986>notes.

98
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<v Cassidy>Dig <00:09:13.090>into <00:09:13.386>whichever <00:09:13.794>ones <00:09:14.006>you'd <00:09:14.178>like <00:09:14.359>to <00:09:14.516>explore <00:09:14.926>further.

99
00:09:15.634 --> 00:09:18.226
<v Cassidy>That's <00:09:16.293>today's <00:09:16.866>AI <00:09:17.239>Daily <00:09:17.559>Briefing.

100
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<v Cassidy>This <00:09:19.053>is <00:09:19.306>a <00:09:19.396>Lantern <00:09:19.846>Podcast.