WEBVTT

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<v Sarah>Broadcom <00:00:00.592>didn't <00:00:00.900>put <00:00:01.000>out <00:00:01.160>a <00:00:01.240>press <00:00:01.490>release <00:00:01.907>today — <00:00:02.695>it <00:00:02.861>put <00:00:03.101>two <00:00:03.351>numbers <00:00:03.894>in <00:00:04.027>an <00:00:04.241>SEC <00:00:04.812>filing.

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<v Sarah>$164.6 <00:00:07.897>billion <00:00:08.930>in <00:00:09.116>firm <00:00:09.484>remaining <00:00:09.963>performance <00:00:10.547>obligations, <00:00:11.504>and <00:00:11.964>a <00:00:12.044>$29 <00:00:12.744>billion <00:00:13.508>backstop <00:00:14.191>on <00:00:14.285>a <00:00:14.378>customer's <00:00:15.010>rack <00:00:15.293>leases.

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<v Sarah>This <00:00:18.128>is <00:00:18.274>The <00:00:18.458>Data <00:00:18.760>Center <00:00:19.116>Daily.

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<v Sarah>And <00:00:20.124>that <00:00:20.373>second <00:00:20.761>number <00:00:21.101>puts <00:00:21.397>a <00:00:21.485>chip <00:00:21.730>supplier <00:00:22.207>on <00:00:22.333>the <00:00:22.441>hook <00:00:22.673>for <00:00:22.813>the <00:00:22.921>real <00:00:23.182>estate, <00:00:24.023>which <00:00:24.185>is <00:00:24.319>a <00:00:24.463>long <00:00:24.779>way <00:00:25.039>from <00:00:25.559>'silicon <00:00:26.307>vendor.'

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<v Matt>Twenty-nine <00:00:28.328>billion <00:00:29.006>with <00:00:29.269>Broadcom's <00:00:29.981>name <00:00:30.290>on <00:00:30.449>it.

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<v Matt>We've <00:00:31.228>been <00:00:31.425>asking <00:00:31.859>for <00:00:31.959>the <00:00:32.136>signed <00:00:32.549>contract <00:00:33.177>all <00:00:33.437>week — <00:00:33.965>well, <00:00:34.445>here's <00:00:34.757>the <00:00:34.925>deed <00:00:35.173>condition.

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<v Matt>Now <00:00:36.557>I <00:00:36.669>want <00:00:36.850>to <00:00:36.988>know <00:00:37.176>who <00:00:37.396>the <00:00:37.578>investor <00:00:38.134>partner <00:00:38.634>actually <00:00:39.434>is.

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<v Sarah>We'll <00:00:40.535>get <00:00:40.768>there. <00:00:41.257>Plus <00:00:41.893>New <00:00:42.137>York <00:00:42.437>floating <00:00:42.889>a <00:00:43.018>freeze <00:00:43.245>on <00:00:43.418>large <00:00:43.846>loads

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<v Sarah>Memphis <00:00:45.244>dangling <00:00:45.708>a <00:00:45.812>land <00:00:46.148>clawback <00:00:46.761>at <00:00:47.027>xAI

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<v Sarah>and <00:00:48.347>a <00:00:48.467>FERC <00:00:48.786>step-back <00:00:49.506>on <00:00:49.726>who <00:00:49.970>eats <00:00:50.246>the <00:00:50.349>transmission <00:00:50.961>risk.

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<v Sarah>Let's <00:00:52.205>start <00:00:52.337>with <00:00:52.536>Broadcom.

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<v Sarah>Here's <00:00:53.844>the <00:00:53.952>structure: <00:00:54.917>Broadcom's <00:00:55.483>exposure <00:00:56.072>rises <00:00:56.590>as <00:00:56.716>the <00:00:56.843>racks <00:00:57.292>deploy <00:00:58.036>and <00:00:58.296>falls <00:00:58.749>as <00:00:58.875>the <00:00:58.979>customer <00:00:59.411>pays <00:00:59.751>the <00:00:59.878>lease.

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<v Sarah>So <00:01:01.004>Broadcom's <00:01:01.716>risk <00:01:02.065>peaks <00:01:02.620>exactly <00:01:03.282>when <00:01:03.450>the <00:01:03.610>buildout's <00:01:04.097>only <00:01:04.353>half <00:01:04.673>full.

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<v Matt>Which <00:01:05.623>is <00:01:05.769>the <00:01:05.956>worst <00:01:06.353>possible <00:01:06.929>moment.

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<v Matt>The <00:01:08.116>racks <00:01:08.491>are <00:01:08.651>sitting <00:01:08.958>there <00:01:09.153>drawing <00:01:09.653>power, <00:01:10.413>the <00:01:10.577>customer <00:01:10.977>hasn't <00:01:11.377>paid <00:01:11.601>them <00:01:11.825>down, <00:01:12.569>and <00:01:12.760>Broadcom's <00:01:13.448>holding <00:01:13.808>$29 <00:01:14.648>billion <00:01:15.541>if <00:01:15.679>that <00:01:15.869>customer <00:01:16.445>blinks.

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<v Matt>Who <00:01:17.992>IS <00:01:18.246>the <00:01:18.437>customer?

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<v Sarah>The <00:01:19.646>filing <00:01:20.179>calls <00:01:20.471>it <00:01:20.578>an <00:01:20.755>investor-partner <00:01:21.858>structure — <00:01:22.815>doesn't <00:01:23.208>name <00:01:23.420>the <00:01:23.537>hyperscaler.

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<v Sarah>Which <00:01:25.200>tells <00:01:25.440>you <00:01:25.622>Broadcom <00:01:26.145>would <00:01:26.326>rather <00:01:26.664>disclose <00:01:27.180>the <00:01:27.286>dollar <00:01:27.619>figure <00:01:28.009>than <00:01:28.221>the <00:01:28.331>counterparty.

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<v Matt>And <00:01:29.992>what <00:01:30.168>does <00:01:30.392>that <00:01:30.627>do <00:01:30.894>to <00:01:31.060>silicon <00:01:31.530>pricing <00:01:31.938>discipline?

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<v Matt>You're <00:01:33.199>the <00:01:33.367>chip <00:01:33.659>guy <00:01:34.179>AND <00:01:34.899>the <00:01:35.132>landlord's <00:01:35.684>guarantor — <00:01:36.956>you <00:01:37.116>can't <00:01:37.366>squeeze <00:01:37.756>the <00:01:37.943>buyer <00:01:38.331>on <00:01:38.457>the <00:01:38.584>accelerator <00:01:39.401>when <00:01:39.761>you <00:01:39.961>also <00:01:40.329>need <00:01:40.548>their <00:01:40.750>racks <00:01:41.112>to <00:01:41.246>fill.

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<v Matt>That's <00:01:42.186>a <00:01:42.268>conflict <00:01:42.831>baked <00:01:43.219>right <00:01:43.532>into <00:01:43.744>the <00:01:43.864>balance <00:01:44.337>sheet.

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<v Sarah>We <00:01:45.320>started <00:01:45.620>the <00:01:45.744>week <00:01:46.032>with <00:01:46.220>Goldman <00:01:46.709>asking <00:01:47.153>whether <00:01:47.403>the <00:01:47.573>capital <00:01:47.963>was <00:01:48.154>adequate, <00:01:49.170>then <00:01:49.415>Jefferies <00:01:49.884>pointing <00:01:50.263>at <00:01:50.337>the <00:01:50.450>physical <00:01:50.943>supply <00:01:51.417>ceiling.

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<v Sarah>Now <00:01:52.337>the <00:01:52.461>financing <00:01:53.101>risk <00:01:53.410>is <00:01:53.546>sitting <00:01:53.825>inside <00:01:54.259>the <00:01:54.383>chip <00:01:54.685>vendor <00:01:55.052>itself.

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<v Sarah>The <00:01:56.206>list <00:01:56.451>of <00:01:56.597>who's <00:01:56.877>exposed <00:01:57.490>keeps <00:01:57.785>getting <00:01:58.064>longer.

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<v Matt>Remember <00:01:59.598>OpenAI's <00:02:00.718>$50 <00:02:01.318>billion <00:02:02.228>compute <00:02:02.862>bill — <00:02:03.718>a <00:02:03.825>check <00:02:04.210>written <00:02:04.610>against <00:02:05.000>a <00:02:05.152>grid <00:02:05.664>that <00:02:05.960>can't <00:02:06.224>cash <00:02:06.533>it <00:02:06.719>yet?

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<v Matt>Now <00:02:08.199>there's <00:02:08.519>a <00:02:08.628>second <00:02:09.106>disclosed <00:02:09.739>number, <00:02:10.841>$164.6 <00:02:13.020>billion <00:02:14.080>in <00:02:14.320>firm <00:02:14.720>obligations, <00:02:15.749>parked <00:02:16.213>against <00:02:16.583>the <00:02:16.739>same <00:02:17.256>unenergized <00:02:18.251>capacity.

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<v Sarah>Move <00:02:19.870>to <00:02:19.964>New <00:02:20.164>York. <00:02:20.657>There's <00:02:21.182>a <00:02:21.250>bill <00:02:21.495>to <00:02:21.654>temporarily <00:02:22.294>freeze <00:02:22.676>new <00:02:22.860>data <00:02:23.186>centers <00:02:23.724>over <00:02:23.996>20 <00:02:24.296>megawatts

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<v Sarah>and <00:02:25.463>it <00:02:25.577>bundles <00:02:26.050>infrastructure

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<v Sarah>energy <00:02:27.635>and <00:02:27.822>water <00:02:28.250>costs <00:02:28.779>onto <00:02:29.075>the <00:02:29.248>facility <00:02:29.752>itself.

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<v Matt>All <00:02:31.260>three <00:02:31.675>cost <00:02:32.065>streams <00:02:32.635>in <00:02:32.875>one <00:02:33.211>bill — <00:02:34.123>that's <00:02:34.415>the <00:02:34.528>first <00:02:34.833>one <00:02:35.033>I've <00:02:35.242>seen <00:02:35.514>do <00:02:35.738>that.

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<v Matt>Delaware <00:02:37.290>did <00:02:37.654>self-supply <00:02:38.447>yesterday, <00:02:39.511>Reno <00:02:39.951>zoned <00:02:40.327>them <00:02:40.451>out <00:02:40.684>in <00:02:40.886>June.

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<v Matt>New <00:02:42.070>York <00:02:42.454>just <00:02:42.770>put <00:02:42.970>the <00:02:43.097>whole <00:02:43.552>tab <00:02:43.965>on <00:02:44.091>the <00:02:44.231>tenant.

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<v Sarah>In <00:02:45.311>one <00:02:45.491>quarter, <00:02:46.258>we've <00:02:46.453>got <00:02:46.660>an <00:02:46.765>environmental <00:02:47.524>hold, <00:02:48.348>a <00:02:48.468>cost-shift <00:02:49.186>statute, <00:02:50.106>and <00:02:50.266>a <00:02:50.375>zoning <00:02:50.849>moratorium <00:02:51.669>all <00:02:51.978>converging <00:02:52.685>on <00:02:52.831>the <00:02:53.031>same <00:02:53.415>load <00:02:53.778>class.

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<v Sarah>That's <00:02:55.069>starting <00:02:55.384>to <00:02:55.486>read <00:02:55.726>like <00:02:55.958>a <00:02:56.051>regional <00:02:56.555>cordon, <00:02:57.335>not <00:02:57.575>coincidence.

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<v Matt>The <00:02:59.181>catch <00:02:59.623>is <00:02:59.957>the <00:03:00.365>bill <00:03:00.617>targets <00:03:01.237>DEC <00:03:01.890>approval <00:03:02.376>issuance, <00:03:03.292>not <00:03:03.659>queue <00:03:04.065>position.

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<v Matt>So <00:03:05.415>anything <00:03:05.961>already <00:03:06.404>filed <00:03:06.960>slides <00:03:07.559>right <00:03:07.904>through — <00:03:08.784>same <00:03:09.162>structural <00:03:09.822>gap <00:03:10.115>we <00:03:10.281>hit <00:03:10.493>with <00:03:10.691>Seattle.

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<v Matt>The <00:03:11.968>teeth <00:03:12.363>are <00:03:12.596>in <00:03:12.722>the <00:03:12.849>water <00:03:13.224>and <00:03:13.413>energy <00:03:13.885>provisions, <00:03:14.965>not <00:03:15.325>the <00:03:15.608>freeze.

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<v Sarah>And <00:03:17.016>Memphis <00:03:17.606>has <00:03:17.975>actual <00:03:18.456>teeth.

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<v Sarah>The <00:03:19.415>city's <00:03:19.818>chief <00:03:20.206>legal <00:03:20.521>officer <00:03:20.935>confirmed <00:03:21.531>the <00:03:21.655>land <00:03:21.964>reverts <00:03:22.470>if <00:03:22.830>xAI <00:03:23.390>doesn't <00:03:23.727>finish <00:03:24.089>the <00:03:24.213>greywater <00:03:24.816>facility — <00:03:25.792>a <00:03:25.896>deed <00:03:26.200>condition <00:03:26.664>with <00:03:26.832>a <00:03:26.934>deadline

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<v Sarah>clock <00:03:27.808>running.

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<v Matt>That's <00:03:29.208>the <00:03:29.338>enforceable <00:03:30.052>line <00:03:30.388>I've <00:03:30.565>been <00:03:30.698>asking <00:03:31.212>for.

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<v Matt>A <00:03:32.212>moratorium <00:03:33.109>freezes <00:03:33.689>the <00:03:33.813>next <00:03:34.169>guy; <00:03:34.989>a <00:03:35.082>reversion <00:03:35.656>clause <00:03:36.137>grabs <00:03:36.492>the <00:03:36.632>land <00:03:37.016>back <00:03:37.304>from <00:03:37.452>the <00:03:37.592>guy <00:03:37.872>who <00:03:38.052>already <00:03:38.525>broke <00:03:38.870>ground.

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<v Matt>Memphis <00:03:40.700>skipped <00:03:41.210>the <00:03:41.337>press-release <00:03:42.132>version <00:03:42.652>and <00:03:43.012>put <00:03:43.245>it <00:03:43.404>in <00:03:43.530>the <00:03:43.686>deed.

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<v Sarah>That <00:03:44.834>brings <00:03:45.091>us <00:03:45.250>to <00:03:45.376>the <00:03:45.500>step-back: <00:03:46.636>FERC <00:03:47.016>and <00:03:47.216>the <00:03:47.396>RTOs <00:03:48.056>are <00:03:48.296>carving <00:03:48.769>conditional <00:03:49.432>fast-track <00:03:50.059>paths <00:03:50.434>for <00:03:50.614>big <00:03:50.874>loads

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<v Sarah>with <00:03:52.034>SPP's <00:03:52.794>CHILLS <00:03:53.343>tariff <00:03:53.837>as <00:03:54.017>the <00:03:54.130>cleanest <00:03:54.624>example.

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<v Sarah>The <00:03:55.874>fight <00:03:56.154>is <00:03:56.344>whether <00:03:56.602>that <00:03:56.865>externalizes <00:03:57.886>interconnection <00:03:58.644>costs <00:03:59.173>onto <00:03:59.482>everyone <00:03:59.986>else.

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<v Matt>And <00:04:01.027>here's <00:04:01.347>the <00:04:01.507>piece <00:04:02.000>nobody <00:04:02.666>answers — <00:04:04.034>when <00:04:04.274>that <00:04:04.522>temporary <00:04:05.086>service <00:04:05.586>sunsets <00:04:06.326>and <00:04:06.666>the <00:04:06.866>load's <00:04:07.306>still <00:04:07.546>sitting <00:04:07.866>there <00:04:08.116>drawing <00:04:08.546>power

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<v Matt>who <00:04:09.826>owns <00:04:10.166>the <00:04:10.279>stranded <00:04:10.746>transmission <00:04:11.302>the <00:04:11.462>whole <00:04:11.742>time?

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<v Matt>It's <00:04:13.142>not <00:04:13.326>just <00:04:13.622>the <00:04:13.811>sunset <00:04:14.292>clock.

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<v Matt>It's <00:04:15.287>the <00:04:15.440>years <00:04:15.958>in <00:04:16.124>between.

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<v Sarah>Right, <00:04:17.464>and <00:04:17.616>that <00:04:17.808>same <00:04:18.117>question <00:04:18.568>is <00:04:18.672>hanging <00:04:19.054>over <00:04:19.395>PJM: <00:04:20.501>who <00:04:20.685>pays <00:04:20.981>for <00:04:21.121>the <00:04:21.243>upgrades <00:04:21.759>the <00:04:21.859>queue <00:04:22.139>demands?

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<v Sarah>The <00:04:23.232>carve-out <00:04:23.705>just <00:04:23.937>makes <00:04:24.164>it <00:04:24.298>explicit <00:04:24.998>instead <00:04:25.445>of <00:04:25.556>buried <00:04:25.925>in <00:04:26.059>a <00:04:26.192>docket.

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<v Matt>Ratepayers <00:04:27.938>eat <00:04:28.138>it. <00:04:28.634>They <00:04:28.949>always <00:04:29.555>eat <00:04:29.815>it.

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<v Matt>The <00:04:31.166>hyperscaler <00:04:31.884>gets <00:04:32.160>the <00:04:32.284>fast <00:04:32.636>path, <00:04:33.280>the <00:04:33.388>grid <00:04:33.637>people <00:04:34.039>get <00:04:34.239>the <00:04:34.379>bill, <00:04:35.199>and <00:04:35.330>Broadcom <00:04:35.962>backstops <00:04:36.558>the <00:04:36.711>racks.

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<v Matt>Everybody's <00:04:38.496>holding <00:04:38.824>something <00:04:39.325>except <00:04:39.779>the <00:04:39.949>company <00:04:40.331>that <00:04:40.530>actually <00:04:41.178>wanted <00:04:41.678>the <00:04:41.808>compute.

56
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<v Sarah>Broadcom's <00:04:43.777>latest <00:04:44.133>10-Q <00:04:44.833>has <00:04:45.053>a <00:04:45.144>disclosure <00:04:45.686>that <00:04:45.894>changes <00:04:46.514>how <00:04:46.751>locked-in <00:04:47.402>hyperscaler <00:04:48.205>custom-silicon <00:04:49.236>demand <00:04:49.658>looks.

57
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<v Sarah>Here's <00:04:50.798>the <00:04:50.911>language <00:04:51.362>straight <00:04:51.610>from <00:04:51.758>the <00:04:51.898>filing.

58
00:04:54.608 --> 00:05:01.230
<v Quote>Certain <00:04:54.983>multi-year <00:04:55.541>customer <00:04:56.029>contracts <00:04:56.658>in <00:04:56.804>our <00:04:56.975>semiconductor <00:04:57.686>solutions <00:04:58.178>segment <00:04:58.738>and <00:04:59.211>infrastructure <00:05:00.006>software <00:05:00.480>segment

59
00:05:01.278 --> 00:05:04.911
<v Quote>including <00:05:01.766>contracts <00:05:02.297>where <00:05:02.488>customers <00:05:03.019>do <00:05:03.133>not <00:05:03.345>have <00:05:03.526>termination <00:05:04.155>rights

60
00:05:04.961 --> 00:05:11.390
<v Quote>contain <00:05:05.380>firmly <00:05:05.842>committed <00:05:06.354>amounts <00:05:06.994>and <00:05:07.254>the <00:05:07.354>remaining <00:05:07.767>performance <00:05:08.410>obligations <00:05:09.123>under <00:05:09.415>these <00:05:09.614>contracts <00:05:10.297>as <00:05:10.564>of <00:05:10.710>May <00:05:10.990>3

61
00:05:11.470 --> 00:05:16.825
<v Quote>2026 <00:05:12.511>were <00:05:12.882>approximately $ <00:05:13.865>164.6 <00:05:15.825>billion.

62
00:05:16.985 --> 00:05:25.388
<v Quote>These <00:05:17.825>commitments <00:05:18.305>include <00:05:18.645>obligations <00:05:19.345>under <00:05:19.585>a <00:05:19.689>long-term <00:05:20.336>contract <00:05:20.924>for <00:05:21.053>custom <00:05:21.600>AI <00:05:21.916>accelerators <00:05:22.656>entered <00:05:23.173>in <00:05:23.247>the <00:05:23.364>fiscal <00:05:23.756>quarter <00:05:24.173>ended <00:05:24.588>May <00:05:24.908>3

63
00:05:25.468 --> 00:05:32.519
<v Quote>2026 . <00:05:27.334>We <00:05:27.434>expect <00:05:27.756>approximately <00:05:28.594>30 % <00:05:29.181>of <00:05:29.267>this <00:05:29.441>amount <00:05:29.744>to <00:05:29.851>be <00:05:30.008>recognized <00:05:30.571>as <00:05:30.747>revenue <00:05:31.269>over <00:05:31.417>the <00:05:31.525>next <00:05:31.877>12 <00:05:32.083>months.

64
00:05:32.887 --> 00:05:39.365
<v Matt>Forget <00:05:33.351>pipeline <00:05:33.927>math <00:05:34.300>or <00:05:34.506>TAM <00:05:34.909>slides — <00:05:35.834>these <00:05:36.229>are <00:05:36.505>firm, <00:05:37.289>non-cancellable <00:05:38.262>obligations.

65
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<v Matt>At <00:05:39.974>this <00:05:40.259>scale, <00:05:40.844>a <00:05:40.951>major <00:05:41.355>hyperscaler <00:05:42.129>has <00:05:42.297>committed <00:05:42.789>its <00:05:43.038>custom <00:05:43.512>accelerator <00:05:44.242>roadmap <00:05:44.785>to <00:05:44.962>Broadcom <00:05:45.590>for <00:05:45.863>years, <00:05:46.628>not <00:05:46.879>quarters.

66
00:05:48.118 --> 00:05:55.202
<v Sarah>Watch <00:05:48.847>how <00:05:49.017>quickly <00:05:49.415>that <00:05:49.767>30-percent <00:05:50.375>near-term <00:05:50.951>tranche <00:05:51.336>gets <00:05:51.599>absorbed, <00:05:52.467>and <00:05:52.677>whether <00:05:52.949>Broadcom's <00:05:53.675>backlog <00:05:54.218>keeps <00:05:54.554>building.

67
00:05:55.346 --> 00:06:01.836
<v Sarah>This <00:05:55.973>obligation <00:05:56.531>structure <00:05:57.016>is <00:05:57.202>now <00:05:57.462>one <00:05:57.575>of <00:05:57.701>the <00:05:57.821>clearest <00:05:58.388>tells <00:05:58.763>for <00:05:59.043>XPU <00:05:59.585>capacity <00:06:00.125>planning <00:06:00.534>across <00:06:00.896>the <00:06:01.036>ecosystem.

68
00:06:02.776 --> 00:06:09.734
<v Sarah>Another <00:06:03.239>line <00:06:03.522>in <00:06:03.647>Broadcom's <00:06:04.352>latest <00:06:04.854>10-Q <00:06:05.601>moves <00:06:06.176>the <00:06:06.346>company <00:06:06.760>well <00:06:07.073>beyond <00:06:07.455>the <00:06:07.655>usual <00:06:08.135>fabless-chip <00:06:09.074>box.

69
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<v Sarah>Here's <00:06:10.246>what <00:06:10.406>they <00:06:10.614>disclosed.

70
00:06:13.579 --> 00:06:15.658
<v Quote>On <00:06:13.787>June <00:06:14.139>8 <00:06:14.459>2026

71
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<v Quote>we <00:06:15.870>arranged <00:06:16.334>for <00:06:16.481>an <00:06:16.579>investor <00:06:16.991>partner <00:06:17.464>to <00:06:17.618>take <00:06:17.863>on <00:06:18.009>certain <00:06:18.340>agreements <00:06:18.903>to <00:06:19.053>purchase <00:06:19.538>AI <00:06:19.871>racks <00:06:20.259>based <00:06:20.551>on <00:06:20.674>custom <00:06:21.195>AI <00:06:21.469>accelerators <00:06:22.253>designed <00:06:22.658>by <00:06:22.951>us <00:06:23.385>and

72
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<v Quote>the <00:06:23.705>related <00:06:24.165>lease <00:06:24.409>agreements <00:06:24.881>with <00:06:25.049>a <00:06:25.142>customer <00:06:25.598>that <00:06:25.772>enable <00:06:26.128>access <00:06:26.635>to <00:06:26.739>compute <00:06:27.160>capacity.

73
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<v Quote>In <00:06:28.572>connection <00:06:29.044>with <00:06:29.192>the <00:06:29.299>arrangement

74
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<v Quote>we <00:06:30.335>entered <00:06:30.663>into <00:06:30.935>a <00:06:31.063>backstop <00:06:31.543>agreement <00:06:31.991>with <00:06:32.075>the <00:06:32.188>investor <00:06:32.662>partner <00:06:33.052>for <00:06:33.192>the <00:06:33.296>customer's <00:06:33.781>lease <00:06:34.099>obligations <00:06:34.730>over <00:06:35.082>5-year <00:06:35.562>terms.

75
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<v Quote>The <00:06:36.826>backstop <00:06:37.354>will <00:06:37.526>increase <00:06:37.942>over <00:06:38.262>time <00:06:38.545>as <00:06:38.639>the <00:06:38.866>AI <00:06:39.147>racks <00:06:39.502>are <00:06:39.615>deployed <00:06:40.139>and <00:06:40.501>decrease <00:06:41.050>as <00:06:41.176>the <00:06:41.289>customer <00:06:41.753>makes <00:06:42.006>payments <00:06:42.457>on <00:06:42.551>its <00:06:42.711>lease <00:06:42.971>obligations

76
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<v Quote>with <00:06:44.071>a <00:06:44.171>maximum <00:06:44.653>exposure <00:06:45.202>of $ <00:06:45.668>29 <00:06:46.058>billion.

77
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<v Quote>In <00:06:47.908>the <00:06:48.081>event <00:06:48.373>of <00:06:48.477>default <00:06:48.880>by <00:06:49.006>the <00:06:49.119>customer

78
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<v Quote>we <00:06:50.038>have <00:06:50.162>various <00:06:50.644>remedies

79
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<v Quote>including <00:06:51.880>the <00:06:51.984>assumption <00:06:52.451>of <00:06:52.525>the <00:06:52.678>lease <00:06:53.223>or <00:06:53.440>effecting <00:06:53.903>a <00:06:54.007>sale <00:06:54.290>of <00:06:54.384>the <00:06:54.637>AI <00:06:54.970>racks

80
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<v Quote>which <00:06:55.800>would <00:06:55.934>reduce <00:06:56.368>our <00:06:56.488>maximum <00:06:56.979>exposure.

81
00:06:58.056 --> 00:07:03.015
<v Matt>So <00:06:58.198>Broadcom <00:06:58.747>is <00:06:58.893>selling <00:06:59.233>silicon <00:06:59.717>into <00:07:00.005>this <00:07:00.200>stack <00:07:00.655>and <00:07:01.055>sitting <00:07:01.415>inside <00:07:01.935>the <00:07:02.105>capital <00:07:02.503>structure.

82
00:07:03.143 --> 00:07:11.306
<v Matt>They're <00:07:03.789>carrying <00:07:04.293>backstop <00:07:04.906>exposure <00:07:05.362>that <00:07:05.559>scales <00:07:05.989>with <00:07:06.104>deployment, <00:07:06.961>which <00:07:07.163>gives <00:07:07.562>this <00:07:07.882>name <00:07:08.218>a <00:07:08.362>risk <00:07:08.698>profile <00:07:09.322>investors <00:07:09.951>weren't <00:07:10.356>pricing <00:07:10.856>in.

83
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<v Sarah>Watch <00:07:12.096>how <00:07:12.280>fast <00:07:12.576>those <00:07:12.829>racks <00:07:13.174>deploy.

84
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<v Sarah>That's <00:07:14.598>what <00:07:14.740>pushes <00:07:15.078>Broadcom's <00:07:15.705>contingent <00:07:16.279>liability <00:07:16.901>toward <00:07:17.217>the <00:07:17.477>$29 <00:07:18.007>billion <00:07:18.847>ceiling

85
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<v Sarah>and <00:07:20.077>any <00:07:20.430>customer <00:07:20.911>credit <00:07:21.316>deterioration <00:07:22.295>now <00:07:22.839>hits <00:07:23.157>Broadcom's <00:07:23.783>balance <00:07:24.186>sheet

86
00:07:24.931 --> 00:07:26.451
<v Sarah>not <00:07:25.235>just <00:07:25.531>its <00:07:25.741>backlog.

87
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<v Matt>FERC <00:07:27.443>and <00:07:27.523>the <00:07:27.743>RTOs <00:07:28.443>are <00:07:28.693>clearly <00:07:29.290>in <00:07:29.584>'move <00:07:30.000>fast' <00:07:30.528>mode <00:07:30.864>on <00:07:31.088>data <00:07:31.390>center <00:07:31.746>load.

88
00:07:32.326 --> 00:07:41.371
<v Matt>But <00:07:32.898>when <00:07:33.058>does <00:07:33.226>a <00:07:33.313>conditional, <00:07:34.043>flexible-service <00:07:34.840>carve-out <00:07:35.393>turn <00:07:35.969>into <00:07:36.265>a <00:07:36.385>way <00:07:36.665>for <00:07:36.852>large <00:07:37.267>loads <00:07:37.747>to <00:07:37.955>push <00:07:38.214>interconnection <00:07:39.056>costs <00:07:39.639>onto <00:07:39.893>everyone <00:07:40.501>else?

89
00:07:41.371 --> 00:07:45.828
<v Sarah>This <00:07:42.120>is <00:07:42.246>the <00:07:42.386>live <00:07:42.759>fault <00:07:43.088>line <00:07:43.424>in <00:07:43.664>every <00:07:44.133>active <00:07:44.600>docket <00:07:44.973>right <00:07:45.208>now.

90
00:07:45.888 --> 00:07:55.101
<v Sarah>The <00:07:46.108>clearest <00:07:46.525>recent <00:07:46.927>example <00:07:47.427>is <00:07:47.667>FERC <00:07:48.043>approving <00:07:48.747>SPP's <00:07:49.547>non-firm <00:07:50.387>large-load <00:07:51.156>transmission <00:07:51.814>service: <00:07:52.744>a <00:07:52.912>data <00:07:53.161>center <00:07:53.563>accepts <00:07:54.023>curtailment <00:07:54.600>rights <00:07:54.995>in

91
00:07:55.154 --> 00:07:57.499
<v Sarah>exchange <00:07:55.618>for <00:07:55.807>faster <00:07:56.274>queue <00:07:56.619>access <00:07:57.179>and

92
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<v Sarah>in <00:07:57.738>theory <00:07:58.602>less <00:07:58.928>upgrade <00:07:59.498>cost <00:07:59.875>pushed <00:08:00.281>onto <00:08:00.557>the <00:08:00.667>broader <00:08:01.065>rate <00:08:01.353>base.

93
00:08:02.137 --> 00:08:06.853
<v Sarah>That's <00:08:02.557>the <00:08:02.665>fair <00:08:02.907>version <00:08:03.284>of <00:08:03.358>the <00:08:03.478>bargain — <00:08:04.431>trade <00:08:04.747>guaranteed <00:08:05.319>delivery <00:08:05.875>for <00:08:06.148>speed.

94
00:08:06.993 --> 00:08:12.774
<v Sarah>But <00:08:07.533>RMI's <00:08:08.106>point <00:08:08.451>is <00:08:08.659>that <00:08:08.871>the <00:08:08.988>design <00:08:09.400>changes <00:08:09.993>wildly <00:08:10.680>across <00:08:11.158>utilities <00:08:11.774>and <00:08:12.014>RTOs.

95
00:08:12.870 --> 00:08:19.802
<v Sarah>Some <00:08:13.305>jurisdictions <00:08:14.000>have <00:08:14.197>tariff <00:08:14.669>safeguards <00:08:15.329>that <00:08:15.702>actually <00:08:16.190>ring-fence <00:08:16.976>upgrade <00:08:17.419>costs; <00:08:18.078>others <00:08:18.818>basically <00:08:19.382>don't.

96
00:08:20.015 --> 00:08:24.685
<v Sarah>So <00:08:20.461>the <00:08:20.617>cost-shift <00:08:21.399>risk <00:08:21.799>is <00:08:22.023>very <00:08:22.359>local, <00:08:23.139>not <00:08:23.388>solved <00:08:23.871>systemwide.

97
00:08:24.805 --> 00:08:34.205
<v Sarah>Davis <00:08:25.451>Graham's <00:08:25.871>read <00:08:26.180>of <00:08:26.306>the <00:08:26.431>regulatory <00:08:27.181>arc <00:08:27.529>from <00:08:27.769>late <00:08:28.041>2024 <00:08:28.960>through <00:08:29.288>this <00:08:29.549>spring <00:08:30.043>is <00:08:30.263>similar: <00:08:31.403>FERC <00:08:31.771>went <00:08:32.011>from <00:08:32.267>rejecting <00:08:32.923>expedited <00:08:33.627>data-center

98
00:08:34.258 --> 00:08:38.595
<v Sarah>interconnection <00:08:34.987>proposals <00:08:35.625>outright <00:08:36.281>to <00:08:36.645>standing <00:08:37.050>up <00:08:37.236>active <00:08:37.764>rulemakings.

99
00:08:38.707 --> 00:08:46.511
<v Sarah>That <00:08:39.208>shift <00:08:39.526>happened <00:08:40.046>fast, <00:08:40.850>and <00:08:40.950>the <00:08:41.123>consumer-protection <00:08:42.082>guardrails <00:08:42.707>are <00:08:42.867>being <00:08:43.107>written <00:08:43.451>alongside <00:08:44.047>the <00:08:44.176>access <00:08:44.670>rules, <00:08:45.530>not <00:08:45.750>ahead <00:08:45.977>of <00:08:46.095>them.

100
00:08:46.731 --> 00:08:56.905
<v Sarah>Orrick <00:08:47.614>also <00:08:47.930>flagged <00:08:48.470>NERC's <00:08:48.887>projection <00:08:49.499>that <00:08:49.691>data <00:08:49.993>center <00:08:50.349>load <00:08:50.696>in <00:08:50.810>several <00:08:51.390>RTO <00:08:51.854>footprints <00:08:52.508>could <00:08:52.956>grow <00:08:53.228>by <00:08:53.436>more <00:08:53.660>than <00:08:53.948>120% <00:08:55.360>by <00:08:55.626>2027.

101
00:08:57.017 --> 00:09:05.396
<v Sarah>That <00:08:57.518>makes <00:08:57.803>the <00:08:57.927>cost-allocation <00:08:58.811>stakes <00:08:59.278>on <00:08:59.464>any <00:08:59.764>upgrade <00:09:00.237>decision <00:09:00.810>vastly <00:09:01.750>bigger <00:09:02.058>than <00:09:02.218>they <00:09:02.394>were <00:09:02.618>when <00:09:02.786>these <00:09:03.026>queue <00:09:03.277>frameworks <00:09:03.819>were <00:09:04.009>designed.

102
00:09:05.396 --> 00:09:12.016
<v Matt>So <00:09:05.758>if <00:09:05.884>the <00:09:06.024>non-firm <00:09:06.643>curtailment <00:09:07.191>structure <00:09:07.703>is <00:09:07.903>the <00:09:08.076>intended <00:09:08.556>safeguard, <00:09:09.668>what's <00:09:09.960>the <00:09:10.100>actual <00:09:10.633>enforcement <00:09:11.272>mechanism?

103
00:09:12.136 --> 00:09:19.371
<v Matt>Who's <00:09:12.629>watching <00:09:13.103>whether <00:09:13.493>a <00:09:13.581>data <00:09:13.830>center <00:09:14.204>that <00:09:14.394>accepted <00:09:14.938>interruptible <00:09:15.600>service <00:09:16.223>is <00:09:16.545>genuinely <00:09:17.105>operating <00:09:17.641>that <00:09:17.849>way <00:09:18.156>under <00:09:18.539>grid <00:09:18.811>stress?

104
00:09:20.408 --> 00:09:23.689
<v Sarah>That's <00:09:20.668>the <00:09:20.775>enforcement <00:09:21.352>gap <00:09:21.589>practitioners <00:09:22.362>keep <00:09:22.552>pointing <00:09:23.155>to.

105
00:09:23.769 --> 00:09:31.526
<v Sarah>The <00:09:24.066>tariff <00:09:24.452>language <00:09:24.864>can <00:09:25.094>require <00:09:25.508>curtailability, <00:09:26.844>but <00:09:26.984>the <00:09:27.111>metering, <00:09:27.741>telemetry, <00:09:28.345>and <00:09:28.469>penalties <00:09:29.061>that <00:09:29.173>make <00:09:29.392>it <00:09:29.526>real <00:09:29.966>are <00:09:30.366>still <00:09:30.606>being <00:09:30.886>defined.

106
00:09:31.886 --> 00:09:40.320
<v Sarah>FERC's <00:09:32.625>ongoing <00:09:33.109>rulemaking <00:09:33.723>for <00:09:34.030>PJM, <00:09:34.824>and <00:09:35.144>the <00:09:35.254>broader <00:09:35.657>national <00:09:36.153>framework, <00:09:37.174>is <00:09:37.307>where <00:09:37.495>those <00:09:37.813>teeth <00:09:38.124>either <00:09:38.440>get <00:09:38.600>written <00:09:38.987>in <00:09:39.334>or <00:09:39.632>they <00:09:39.820>don't.

107
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<v Sarah>Watch <00:09:41.138>the <00:09:41.249>compliance-filing <00:09:42.223>deadlines <00:09:42.831>from <00:09:43.039>FERC's <00:09:43.402>December <00:09:43.914>2025 <00:09:44.780>order <00:09:45.142>to <00:09:45.383>PJM

108
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<v Sarah>and <00:09:46.610>watch <00:09:46.915>whether <00:09:47.248>other <00:09:47.673>RTOs <00:09:48.313>copy <00:09:48.833>SPP's <00:09:49.593>non-firm <00:09:50.223>template <00:09:50.887>with <00:09:51.333>stronger <00:09:51.893>load-performance <00:09:52.689>obligations <00:09:53.420>attached.

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<v Sarah>That's <00:09:54.728>the <00:09:54.868>tell: <00:09:55.716>does <00:09:55.961>flexibility <00:09:56.601>become <00:09:56.983>a <00:09:57.087>real <00:09:57.403>reliability <00:09:58.159>tool, <00:09:58.970>or <00:09:59.088>just <00:09:59.424>a <00:09:59.557>queue <00:09:59.873>workaround <00:10:00.415>with <00:10:00.583>a <00:10:00.683>curtailment <00:10:01.236>label <00:10:01.554>on <00:10:01.740>it?

110
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<v Sarah>From <00:10:03.428>WREG:

111
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<v Quote>But <00:10:05.172>if <00:10:05.310>they <00:10:05.478>don’t, <00:10:06.018>the <00:10:06.142>city’s <00:10:06.531>chief <00:10:06.849>legal <00:10:07.174>officer <00:10:07.658>says <00:10:07.946>they <00:10:08.122>have <00:10:08.367>protections <00:10:09.003>in <00:10:09.162>place <00:10:09.459>that <00:10:09.640>could <00:10:09.965>see <00:10:10.165>the <00:10:10.289>land <00:10:10.598>returned <00:10:11.075>to <00:10:11.229>city <00:10:11.485>ownership.

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<v Quote>“If <00:10:12.813>they <00:10:12.973>have <00:10:13.181>not <00:10:13.469>made <00:10:13.714>substantial <00:10:14.359>progress <00:10:14.889>toward <00:10:15.113>the <00:10:15.217>completion <00:10:15.684>of <00:10:15.770>this <00:10:15.960>facility <00:10:16.502>within <00:10:16.858>a <00:10:16.986>year <00:10:17.231>of <00:10:17.377>May <00:10:17.577>14th

113
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<v Quote>then <00:10:18.750>we <00:10:18.888>will <00:10:19.048>take <00:10:19.208>this <00:10:19.400>land <00:10:19.736>back,” <00:10:20.376>Tannera <00:10:20.834>Gibson

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<v Quote>the <00:10:21.480>city’s <00:10:21.869>chief <00:10:22.187>legal <00:10:22.512>officer

115
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<v Quote>told <00:10:23.300>City <00:10:23.542>Council <00:10:23.942>members <00:10:24.352>Tuesday.

116
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<v Matt>Memphis <00:10:25.755>put <00:10:26.075>a <00:10:26.235>deed-reversion <00:10:27.263>clause <00:10:27.757>on <00:10:28.157>xAI.

117
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<v Matt>The <00:10:29.584>chief <00:10:29.972>legal <00:10:30.307>officer <00:10:30.845>told <00:10:31.057>the <00:10:31.177>council: <00:10:31.997>no <00:10:32.530>substantial <00:10:33.175>progress <00:10:33.724>on <00:10:33.850>the <00:10:33.990>greywater <00:10:34.621>facility <00:10:35.235>within <00:10:35.551>a <00:10:35.655>year <00:10:35.964>of <00:10:36.150>May <00:10:36.470>14th

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<v Matt>and <00:10:37.770>the <00:10:37.894>land <00:10:38.198>goes <00:10:38.438>back <00:10:38.683>to <00:10:38.809>the <00:10:38.965>city.

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<v Matt>That's <00:10:40.509>a <00:10:40.629>clawback <00:10:41.221>with <00:10:41.442>teeth.

120
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<v Sarah>And <00:10:42.966>the <00:10:43.076>numbers <00:10:43.446>are <00:10:43.559>small <00:10:43.858>enough <00:10:44.089>to <00:10:44.196>be <00:10:44.373>concrete — <00:10:45.061>roughly <00:10:45.501>13 <00:10:45.981>acres

121
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<v Sarah>about <00:10:47.099>820 <00:10:48.071>grand <00:10:48.728>sale <00:10:49.216>agreement <00:10:49.633>signed <00:10:50.055>June <00:10:50.535>2025

122
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<v Sarah>year <00:10:52.187>of <00:10:52.353>due <00:10:52.589>diligence <00:10:53.146>to <00:10:53.292>start <00:10:53.554>construction.

123
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<v Sarah>It <00:10:55.232>lives <00:10:55.524>in <00:10:55.598>the <00:10:55.754>deed, <00:10:56.418>not <00:10:56.578>the <00:10:56.751>press <00:10:57.086>release.

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<v Matt>And <00:10:58.428>remember <00:10:58.952>why <00:10:59.300>this <00:10:59.545>facility <00:11:00.060>exists — <00:11:01.139>it <00:11:01.305>recycles <00:11:01.885>greywater <00:11:02.632>so <00:11:03.046>xAI <00:11:03.686>doesn't <00:11:04.094>pump <00:11:04.339>millions <00:11:04.790>of <00:11:04.904>gallons <00:11:05.364>out <00:11:05.511>of <00:11:05.585>the <00:11:05.709>city's <00:11:06.125>aquifer.

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<v Matt>They <00:11:07.781>paused <00:11:08.150>it <00:11:08.257>in <00:11:08.430>April <00:11:08.845>to <00:11:09.045>chase <00:11:09.325>Colossus <00:11:09.964>2.

126
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<v Matt>Cool <00:11:11.104>the <00:11:11.214>machine <00:11:11.644>first, <00:11:12.204>worry <00:11:12.657>about <00:11:12.942>the <00:11:13.066>city's <00:11:13.455>water <00:11:13.787>later.

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<v Sarah>Gibson <00:11:15.450>says <00:11:15.682>the <00:11:15.850>city <00:11:16.109>feels <00:11:16.524>'pretty <00:11:16.906>positive' <00:11:17.514>they'll <00:11:17.792>finish.

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<v Sarah>The <00:11:19.018>clause <00:11:19.137>is <00:11:19.263>for <00:11:19.387>when <00:11:19.723>'pretty <00:11:20.105>positive' <00:11:20.721>doesn't <00:11:21.081>pan <00:11:21.401>out.

129
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<v Sarah>TechInformed <00:11:23.393>writes:

130
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<v Quote>New <00:11:24.560>York <00:11:24.744>lawmakers <00:11:25.280>have <00:11:25.465>passed <00:11:25.847>the <00:11:26.020>Responsible <00:11:26.667>Data <00:11:26.969>Center <00:11:27.292>Development <00:11:27.869>Act

131
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<v Quote>a <00:11:28.577>bill <00:11:28.785>that <00:11:28.876>would <00:11:29.075>stop <00:11:29.351>the <00:11:29.451>state <00:11:29.702>Department <00:11:30.239>of <00:11:30.333>Environmental <00:11:30.908>Conservation <00:11:31.648>from <00:11:32.018>issuing <00:11:32.428>new <00:11:32.664>approvals <00:11:33.208>for <00:11:33.395>large <00:11:33.778>data <00:11:34.020>centers <00:11:34.410>for <00:11:34.590>one <00:11:34.834>year.

132
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<v Quote>The <00:11:35.874>bill, <00:11:36.530>S10642/A11560, <00:11:40.491>cleared <00:11:40.791>the <00:11:40.908>Senate <00:11:41.277>on <00:11:41.395>June <00:11:41.811>4 <00:11:42.131>by <00:11:42.331>a <00:11:42.531>43-17 <00:11:43.651>vote <00:11:44.051>after <00:11:44.471>the <00:11:44.584>Assembly <00:11:45.065>passed <00:11:45.427>the <00:11:45.551>same <00:11:45.847>measure <00:11:46.187>earlier <00:11:46.655>that <00:11:46.907>day.

133
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<v Sarah>New <00:11:47.547>York's <00:11:47.936>Responsible <00:11:48.583>Data <00:11:48.885>Center <00:11:49.208>Development <00:11:49.825>Act <00:11:50.175>cleared <00:11:50.589>both <00:11:50.898>chambers <00:11:51.386>June <00:11:51.722>4 — <00:11:52.659>Senate <00:11:53.161>43-17 — <00:11:54.861>and <00:11:54.981>now <00:11:55.214>it's <00:11:55.453>on <00:11:55.607>Hochul's <00:11:56.055>desk.

134
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<v Sarah>One-year <00:11:57.548>freeze <00:11:58.015>on <00:11:58.261>DEC <00:11:58.745>approvals <00:11:59.361>for <00:11:59.543>anything <00:12:00.079>pulling <00:12:00.439>20 <00:12:00.739>megawatts <00:12:01.346>or <00:12:01.480>more.

135
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<v Sarah>And <00:12:02.173>it's <00:12:02.407>more <00:12:02.631>than <00:12:02.799>a <00:12:02.932>pause.

136
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<v Sarah>The <00:12:04.005>bill <00:12:04.254>shifts <00:12:04.649>infrastructure, <00:12:05.700>energy <00:12:06.254>AND <00:12:06.727>water <00:12:07.099>costs <00:12:07.714>onto <00:12:08.054>the <00:12:08.167>large <00:12:08.505>facilities.

137
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<v Sarah>Delaware <00:12:10.318>did <00:12:10.458>the <00:12:10.614>cost-internalization <00:12:12.001>thing <00:12:12.257>yesterday <00:12:12.793>with <00:12:12.981>its <00:12:13.225>self-supply <00:12:13.961>statute.

138
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<v Sarah>Two <00:12:15.161>states, <00:12:15.901>two <00:12:16.034>mechanisms, <00:12:17.044>one <00:12:17.260>week.

139
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<v Matt>First <00:12:18.571>bill <00:12:18.843>I've <00:12:19.130>seen <00:12:19.354>this <00:12:19.549>cycle <00:12:19.916>that <00:12:20.094>bundles <00:12:20.504>all <00:12:20.764>three — <00:12:21.697>infrastructure, <00:12:22.668>energy, <00:12:23.389>water — <00:12:24.108>into <00:12:24.464>one <00:12:24.844>cost <00:12:25.233>stream <00:12:25.667>the <00:12:25.789>operator <00:12:26.397>eats.

140
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<v Matt>That's <00:12:27.865>a <00:12:27.938>template. <00:12:28.615>Other <00:12:29.137>states <00:12:29.519>are <00:12:29.683>watching <00:12:30.083>this <00:12:30.355>one.

141
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<v Matt>And <00:12:31.554>look <00:12:31.954>at <00:12:32.134>the <00:12:32.274>carve-out — <00:12:33.434>doesn't <00:12:33.767>touch <00:12:34.103>projects <00:12:34.703>that <00:12:34.881>already <00:12:35.284>broke <00:12:35.618>ground.

142
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<v Matt>So <00:12:36.852>the <00:12:36.992>freeze <00:12:37.520>hits <00:12:37.752>the <00:12:37.920>next <00:12:38.192>guy <00:12:38.485>in <00:12:38.671>line, <00:12:39.451>not <00:12:39.651>the <00:12:39.807>load <00:12:40.223>that's <00:12:40.576>already <00:12:40.801>digging.

143
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<v Matt>Same <00:12:42.191>gap <00:12:42.458>we <00:12:42.572>flagged <00:12:43.019>on <00:12:43.153>Seattle: <00:12:44.233>a <00:12:44.333>moratorium <00:12:45.153>can't <00:12:45.526>reach <00:12:45.818>an <00:12:45.925>application <00:12:46.588>already <00:12:47.175>in <00:12:47.249>the <00:12:47.389>queue.

144
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<v Sarah>The <00:12:48.348>teeth <00:12:48.666>here <00:12:48.906>are <00:12:49.178>different, <00:12:49.580>though.

145
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<v Sarah>DEC <00:12:50.684>has <00:12:51.224>18 <00:12:51.510>months <00:12:51.839>to <00:12:51.985>produce <00:12:52.292>an <00:12:52.415>impact <00:12:52.898>report — <00:12:53.772>electricity

146
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<v Sarah>water <00:12:55.441>wastewater <00:12:56.231>farmland

147
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<v Sarah>the <00:12:57.231>works — <00:12:58.063>with <00:12:58.211>the <00:12:58.335>bulk <00:12:58.637>system <00:12:58.984>operator <00:12:59.579>at <00:12:59.653>the <00:12:59.793>table.

148
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<v Sarah>It <00:13:00.725>turns <00:13:01.010>the <00:13:01.150>freeze <00:13:01.678>into <00:13:01.910>a <00:13:02.017>paper <00:13:02.419>trail.

149
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<v Host>If <00:13:04.739>you <00:13:04.893>follow <00:13:05.137>the <00:13:05.300>infrastructure <00:13:05.948>behind <00:13:06.411>AI, <00:13:07.292>check <00:13:07.487>out <00:13:07.763>Musk <00:13:08.347>v <00:13:08.647>Altman <00:13:09.186>Daily.

150
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<v Host>It's <00:13:10.425>a <00:13:10.505>daily <00:13:10.758>court-watch <00:13:11.368>on <00:13:11.502>Elon <00:13:11.886>Musk’s <00:13:12.289>trial <00:13:12.664>against <00:13:13.004>Sam <00:13:13.244>Altman

151
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<v Host>OpenAI <00:13:14.904>and <00:13:15.104>Microsoft

152
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<v Host>covering <00:13:16.612>testimony <00:13:17.508>exhibits

153
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<v Host>and <00:13:18.588>the <00:13:18.815>AGI <00:13:19.233>governance <00:13:19.740>fight.

154
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<v Host>Find <00:13:21.008>it <00:13:21.150>wherever <00:13:21.478>you <00:13:21.632>listen <00:13:21.863>to <00:13:22.024>podcasts.

155
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<v Host>You’ll <00:13:24.099>find <00:13:24.344>links <00:13:24.636>to <00:13:24.743>every <00:13:25.061>story <00:13:25.379>we <00:13:25.515>covered <00:13:25.765>today <00:13:25.992>in <00:13:26.066>the <00:13:26.190>show <00:13:26.526>notes

156
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<v Host>so <00:13:27.538>if <00:13:27.684>one <00:13:27.838>caught <00:13:28.058>your <00:13:28.194>attention

157
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<v Host>that’s <00:13:29.602>the <00:13:29.762>place <00:13:29.989>to <00:13:30.083>dig <00:13:30.256>in <00:13:30.402>a <00:13:30.465>little <00:13:30.673>further.

158
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<v Host>That’s <00:13:32.173>The <00:13:32.267>Data <00:13:32.557>Center <00:13:32.828>Daily <00:13:33.183>for <00:13:33.291>this <00:13:33.547>Wednesday.

159
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<v Host>This <00:13:34.950>is <00:13:35.044>a <00:13:35.144>Lantern <00:13:35.664>Podcast.