WEBVTT

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<v Matt>A <00:00:00.200>$100 <00:00:00.620>billion <00:00:01.166>campus <00:00:01.984>just <00:00:02.336>died <00:00:02.773>in <00:00:02.942>Virginia, <00:00:03.940>and <00:00:04.062>somebody's <00:00:04.787>still <00:00:05.170>holding <00:00:05.540>the <00:00:05.664>bill <00:00:05.960>for <00:00:06.100>the <00:00:06.207>engineering <00:00:06.800>work.

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<v Matt>Nobody <00:00:08.133>wants <00:00:08.427>to <00:00:08.540>say <00:00:08.740>the <00:00:08.846>number <00:00:09.160>out <00:00:09.376>loud.

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<v Matt>If <00:00:11.220>you're <00:00:11.392>just <00:00:11.570>joining: <00:00:12.093>North <00:00:12.622>Carolina's <00:00:13.227>in <00:00:13.320>a <00:00:13.427>fight <00:00:13.824>over <00:00:14.110>whether <00:00:14.384>data <00:00:14.700>centers <00:00:15.160>and <00:00:15.333>other <00:00:15.667>giant <00:00:16.056>customers <00:00:16.640>should <00:00:17.184>sign <00:00:17.508>standardized

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<v Matt>minimum-bill <00:00:19.253>commitments

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<v Matt>instead <00:00:20.533>of <00:00:20.680>cutting <00:00:21.020>one-off <00:00:21.490>service <00:00:21.907>deals.

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<v Matt>Duke <00:00:23.269>Energy <00:00:23.733>first <00:00:24.064>said <00:00:24.390>special <00:00:24.960>data-center <00:00:25.667>rules <00:00:26.040>weren't <00:00:26.377>needed — <00:00:27.232>then <00:00:27.408>came <00:00:27.664>back <00:00:27.936>with <00:00:28.080>a <00:00:28.229>tariff <00:00:28.672>that <00:00:28.880>locks <00:00:29.360>large <00:00:29.824>customers <00:00:30.448>into <00:00:30.720>a <00:00:30.850>minimum

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<v Matt>bill <00:00:31.580>for <00:00:31.787>at <00:00:31.893>least <00:00:32.260>ten <00:00:32.640>years.

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<v Matt>That <00:00:33.902>reversal <00:00:34.467>turns <00:00:34.840>the <00:00:35.013>state <00:00:35.328>into <00:00:35.560>the <00:00:35.744>test <00:00:36.080>case <00:00:36.520>for <00:00:36.940>who <00:00:37.200>eats <00:00:37.540>the <00:00:37.712>risk <00:00:38.208>when <00:00:38.560>AI <00:00:38.960>load <00:00:39.333>shows <00:00:39.680>up.

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<v Sarah>This <00:00:41.600>is <00:00:41.840>The <00:00:42.064>Data <00:00:42.377>Center <00:00:42.813>Daily.

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<v Sarah>Today: <00:00:44.272>Duke's <00:00:44.857>tariff <00:00:45.269>design, <00:00:46.100>the <00:00:46.224>dead <00:00:46.524>Virginia <00:00:46.950>gateway, <00:00:47.820>and <00:00:48.053>Brookfield's <00:00:48.820>IPO.

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<v Sarah>Same <00:00:51.013>question <00:00:51.480>under <00:00:51.720>all <00:00:51.867>of <00:00:52.000>it: <00:00:52.620>who's <00:00:53.022>actually <00:00:53.600>paying? <00:00:54.608>Duke <00:00:55.053>first.

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<v Matt>We're <00:00:57.000>staying <00:00:57.333>on <00:00:57.480>North <00:00:57.742>Carolina <00:00:58.307>large-load <00:00:58.949>tariff <00:00:59.467>fight — <00:01:00.126>follow <00:01:00.420>the <00:01:00.560>show <00:01:00.960>and <00:01:01.240>you <00:01:01.400>won't <00:01:01.728>miss <00:01:01.952>what <00:01:02.133>comes <00:01:02.496>next.

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<v Sarah>Latitude <00:01:04.221>Media <00:01:04.611>writes:

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<v Quote>Starting <00:01:06.032>in <00:01:06.219>2027 <00:01:07.307>Duke’s <00:01:07.636>tariff <00:01:07.992>would <00:01:08.126>apply <00:01:08.486>to <00:01:08.587>customers <00:01:09.051>with <00:01:09.232>loads <00:01:09.579>of <00:01:09.859>50 <00:01:10.039>megawatts <00:01:10.592>or <00:01:10.763>more <00:01:11.067>with <00:01:11.321>expected <00:01:11.867>load <00:01:12.119>factors <00:01:12.566>of <00:01:12.779>80%

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<v Quote>or <00:01:14.139>any <00:01:14.432>customer <00:01:14.909>seeking <00:01:15.339>100 <00:01:15.899>MW <00:01:16.272>or <00:01:16.443>more

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<v Quote>regardless <00:01:17.472>of <00:01:17.611>load <00:01:17.796>factor.

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<v Quote>The <00:01:19.072>terms <00:01:19.392>of <00:01:19.519>the <00:01:19.636>tariff <00:01:20.006>would <00:01:20.189>require <00:01:20.595>customers <00:01:21.152>to <00:01:21.323>sign <00:01:21.659>10 <00:01:22.006>or <00:01:22.379>15 <00:01:22.827>year <00:01:23.075>contracts

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<v Quote>depending <00:01:24.086>on <00:01:24.203>load <00:01:24.539>size

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<v Quote>and <00:01:25.579>pay <00:01:25.859>for <00:01:26.139>75% <00:01:27.152>of <00:01:27.279>the <00:01:27.385>demand <00:01:27.691>they <00:01:27.899>ask <00:01:28.199>for

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<v Quote>even <00:01:28.886>if <00:01:28.971>they <00:01:29.139>don’t <00:01:29.399>use <00:01:29.632>it.

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<v Sarah>Duke's <00:01:30.533>large-load <00:01:31.175>tariff <00:01:31.639>is <00:01:31.806>now <00:01:32.013>in <00:01:32.086>the <00:01:32.192>middle <00:01:32.493>of <00:01:32.594>this <00:01:32.834>week's <00:01:33.146>North <00:01:33.408>Carolina <00:01:33.954>rate-case <00:01:34.528>hearings — <00:01:35.466>the <00:01:35.634>same <00:01:35.879>docket <00:01:36.266>where <00:01:36.493>it's <00:01:36.674>defending <00:01:37.159>an

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<v Sarah>11.6% <00:01:38.846>residential <00:01:39.602>hike.

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<v Sarah>Starting <00:01:40.839>in <00:01:41.026>2027, <00:01:42.333>it <00:01:42.434>hits <00:01:42.679>loads <00:01:42.999>of <00:01:43.266>50 <00:01:43.566>megawatts <00:01:44.119>or <00:01:44.306>more <00:01:44.733>at <00:01:44.973>an <00:01:45.186>80% <00:01:45.874>load <00:01:46.146>factor, <00:01:47.186>or <00:01:47.403>anyone <00:01:47.815>asking <00:01:48.266>for <00:01:48.546>100 <00:01:49.066>megawatts <00:01:49.626>and <00:01:49.853>up.

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<v Matt>And <00:01:50.674>here's <00:01:51.046>the <00:01:51.186>flaw <00:01:51.586>Latitude <00:01:52.306>nails: <00:01:53.250>Duke <00:01:53.586>lumps <00:01:54.002>data <00:01:54.436>centers <00:01:54.893>in <00:01:55.138>with <00:01:55.337>ordinary <00:01:55.986>large <00:01:56.444>industrial <00:01:57.090>customers.

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<v Matt>So <00:01:58.506>a <00:01:58.679>steel <00:01:59.010>mill <00:01:59.314>that's <00:01:59.626>never <00:01:59.876>touched <00:02:00.253>an <00:02:00.439>AI <00:02:00.834>chip <00:02:01.426>lands <00:02:01.879>in <00:02:02.026>the <00:02:02.194>same <00:02:02.450>rate <00:02:02.773>class <00:02:03.159>as <00:02:03.306>a <00:02:03.415>hyperscaler.

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<v Sarah>Pretty <00:02:04.930>rich, <00:02:05.306>given <00:02:05.554>Duke <00:02:05.799>spent <00:02:06.130>last <00:02:06.434>year <00:02:06.686>arguing <00:02:07.166>special <00:02:07.650>data-center <00:02:08.293>rules <00:02:08.653>weren't <00:02:08.914>even <00:02:09.178>necessary.

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<v Sarah>Now <00:02:10.839>it's <00:02:11.070>drafting <00:02:11.466>a <00:02:11.556>minimum-bill <00:02:12.213>floor <00:02:12.578>that <00:02:12.786>lasts <00:02:13.226>a <00:02:13.346>decade.

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<v Matt>A <00:02:14.356>minimum <00:02:14.770>bill <00:02:15.086>for <00:02:15.326>ten <00:02:15.586>years, <00:02:16.326>and <00:02:16.406>the <00:02:16.519>chemical <00:02:16.999>plant <00:02:17.314>next <00:02:17.570>door <00:02:17.922>eats <00:02:18.346>the <00:02:18.599>AI-driven <00:02:19.234>rate <00:02:19.479>pressure <00:02:19.959>it <00:02:20.119>never <00:02:20.453>asked <00:02:20.866>for.

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<v Matt>Who <00:02:22.066>lobbied <00:02:22.506>for <00:02:22.658>that <00:02:22.866>lump?

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<v Matt>Because <00:02:23.970>that's <00:02:24.319>where <00:02:24.406>the <00:02:24.546>cost <00:02:24.914>gets <00:02:25.175>buried.

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<v Sarah>For <00:02:26.133>scale — <00:02:26.923>Oregon's <00:02:27.466>PUC <00:02:28.114>just <00:02:28.350>approved <00:02:28.786>a <00:02:28.910>Portland <00:02:29.316>General <00:02:29.735>tariff <00:02:30.203>hiking <00:02:30.626>data-center <00:02:31.239>rates <00:02:31.566>roughly <00:02:32.266>29%.

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<v Sarah>Duke <00:02:34.034>goes <00:02:34.266>the <00:02:34.413>other <00:02:34.626>way: <00:02:35.466>don't <00:02:35.736>isolate <00:02:36.258>them, <00:02:36.754>fold <00:02:36.978>them <00:02:37.213>in.

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<v Matt>Fold <00:02:38.258>them <00:02:38.450>into <00:02:38.726>the <00:02:38.837>industrial <00:02:39.453>class.

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<v Matt>Great <00:02:40.847>for <00:02:41.084>hyperscaler <00:02:41.827>optics, <00:02:42.764>brutal <00:02:43.167>for <00:02:43.395>everybody <00:02:43.891>else <00:02:44.174>in <00:02:44.247>the <00:02:44.403>pool.

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<v Sarah>The <00:02:45.822>Tech <00:02:46.138>Capital's <00:02:46.745>João <00:02:47.158>Marques <00:02:47.678>Lima <00:02:48.105>is <00:02:48.362>tracking <00:02:48.798>this.

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<v Matt>Okay, <00:02:50.478>it's <00:02:50.846>dead. <00:02:51.660>Officially.

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<v Matt>Blackstone's <00:02:53.838>QTS <00:02:54.524>walked <00:02:54.846>away <00:02:55.086>from <00:02:55.298>the <00:02:55.402>Virginia <00:02:55.808>Digital <00:02:56.228>Gateway <00:02:56.825>after <00:02:57.451>years <00:02:57.945>of <00:02:58.051>legal <00:02:58.376>opposition

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<v Matt>so <00:02:59.738>now <00:03:00.211>we <00:03:00.338>can <00:03:00.462>name <00:03:00.738>the <00:03:00.867>corpse <00:03:01.348>instead <00:03:01.865>of <00:03:01.976>pretending <00:03:02.598>there <00:03:02.838>might <00:03:03.078>not <00:03:03.278>be <00:03:03.518>one.

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<v Sarah>A <00:03:04.695>campus <00:03:05.086>that <00:03:05.358>size <00:03:05.718>doesn't <00:03:06.042>collapse <00:03:06.488>quietly.

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<v Sarah>Years <00:03:08.105>of <00:03:08.229>planning, <00:03:08.938>engineering, <00:03:09.985>legal <00:03:10.385>spend <00:03:10.762>fighting <00:03:11.138>the <00:03:11.307>opposition — <00:03:12.518>and <00:03:12.658>the <00:03:12.798>in-service <00:03:13.422>date <00:03:13.758>is <00:03:13.998>now <00:03:14.350>zero.

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<v Matt>And <00:03:15.630>that's <00:03:15.891>my <00:03:16.042>question, <00:03:16.545>Sarah — <00:03:17.260>somebody <00:03:17.838>ate <00:03:18.126>that <00:03:18.387>number.

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<v Matt>The <00:03:19.502>site <00:03:19.822>work, <00:03:20.418>the <00:03:20.548>outside <00:03:21.108>counsel <00:03:21.638>billing <00:03:21.971>by <00:03:22.118>the <00:03:22.318>hour <00:03:22.688>against <00:03:23.058>the <00:03:23.174>neighbors, <00:03:24.098>the <00:03:24.211>interconnection <00:03:24.948>studies.

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<v Matt>Blackstone's <00:03:26.745>going <00:03:26.931>to <00:03:27.070>have <00:03:27.225>to <00:03:27.326>book <00:03:27.550>that <00:03:27.726>somewhere, <00:03:28.598>and <00:03:28.758>I <00:03:28.830>want <00:03:28.985>to <00:03:29.098>see <00:03:29.345>where.

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<v Sarah>It <00:03:30.438>won't <00:03:30.670>show <00:03:30.878>up <00:03:31.065>as <00:03:31.198>a <00:03:31.326>line <00:03:31.566>item <00:03:31.815>called <00:03:32.238>'Virginia <00:03:32.848>Digital <00:03:33.268>Gateway.'

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<v Sarah>If <00:03:34.505>it <00:03:34.629>surfaces <00:03:35.225>at <00:03:35.378>all, <00:03:35.811>it'll <00:03:36.025>be <00:03:36.105>an <00:03:36.223>impairment <00:03:36.935>buried <00:03:37.305>in <00:03:37.398>a <00:03:37.488>segment <00:03:37.895>number.

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<v Sarah>The <00:03:38.912>people <00:03:39.158>who <00:03:39.390>lost <00:03:39.898>don't <00:03:40.202>announce <00:03:40.598>the <00:03:40.830>loss.

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<v Matt>Right. <00:03:42.558>Put <00:03:43.070>that <00:03:43.262>next <00:03:43.545>to <00:03:43.618>the <00:03:43.742>Duke <00:03:44.055>tariff <00:03:44.451>we <00:03:44.606>just <00:03:44.858>hit: <00:03:45.678>a <00:03:45.818>project <00:03:46.286>this <00:03:46.558>big <00:03:46.910>dies <00:03:47.374>when <00:03:47.458>the <00:03:47.575>ground <00:03:47.971>rules <00:03:48.270>aren't <00:03:48.531>there

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<v Matt>and <00:03:49.486>Duke's <00:03:49.827>answer <00:03:50.318>is <00:03:50.531>to <00:03:50.702>lump <00:03:51.027>hyperscalers <00:03:51.998>in <00:03:52.206>with <00:03:52.465>steel <00:03:52.878>mills.

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<v Matt>The <00:03:54.078>rulebook <00:03:54.638>is <00:03:54.818>the <00:03:54.931>whole <00:03:55.294>game. <00:03:56.118>QTS <00:03:56.926>just <00:03:57.175>proved <00:03:57.571>it.

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<v Sarah>Here's <00:03:59.092>Valerija <00:03:59.732>I. <00:04:00.039>at <00:04:00.232>CRE <00:04:00.745>Daily:

51
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<v Quote>Brookfield <00:04:02.378>Corp.-backed <00:04:03.050>Csquare <00:04:03.610>Inc.

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<v Quote>is <00:04:04.218>preparing <00:04:04.677>to <00:04:04.810>tap <00:04:05.096>public <00:04:05.420>markets <00:04:05.810>for <00:04:05.964>growth <00:04:06.240>capital, <00:04:06.930>according <00:04:07.317>to <00:04:07.426>Bloomberg.

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<v Quote>The <00:04:08.547>Dallas-based <00:04:09.194>data <00:04:09.484>center <00:04:09.743>operator <00:04:10.250>filed <00:04:10.690>for <00:04:10.850>a <00:04:11.050>US <00:04:11.430>initial <00:04:11.896>public <00:04:12.232>offering <00:04:12.802>targeting <00:04:13.503>up <00:04:13.690>to <00:04:13.910>$1.35B

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<v Quote>aiming <00:04:16.703>to <00:04:16.854>leverage <00:04:17.250>the <00:04:17.430>ongoing <00:04:17.917>surge <00:04:18.277>in <00:04:18.399>demand <00:04:18.870>for <00:04:19.157>AI-centric <00:04:19.818>infrastructure.

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<v Quote>Amid <00:04:21.290>a <00:04:21.434>wave <00:04:21.717>of <00:04:21.834>tech-fueled <00:04:22.550>capital <00:04:23.020>markets <00:04:23.423>activity

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<v Quote>Brookfield <00:04:24.870>intends <00:04:25.317>to <00:04:25.418>keep <00:04:25.656>voting <00:04:25.980>control <00:04:26.410>post-IPO

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<v Quote>signaling <00:04:28.394>long-term <00:04:29.021>commitment <00:04:29.663>as <00:04:30.050>Csquare <00:04:30.557>grows <00:04:30.930>its <00:04:31.098>real <00:04:31.324>estate <00:04:31.586>footprint.

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<v Matt>Finally, <00:04:33.477>a <00:04:33.619>document <00:04:34.165>that <00:04:34.457>has <00:04:34.784>to <00:04:34.901>tell <00:04:35.177>the <00:04:35.317>truth.

59
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<v Matt>An <00:04:36.637>S-1 <00:04:37.301>puts <00:04:37.605>real <00:04:37.877>capacity, <00:04:38.741>real <00:04:39.061>customers, <00:04:40.101>real <00:04:40.424>power <00:04:40.821>contracts <00:04:41.477>on <00:04:41.717>paper — <00:04:42.570>under <00:04:42.907>penalty <00:04:43.450>of <00:04:43.615>securities <00:04:44.277>law.

60
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<v Matt>It's <00:04:45.437>the <00:04:45.617>one <00:04:45.866>filing <00:04:46.309>that <00:04:46.517>can't <00:04:46.937>run <00:04:47.317>on <00:04:47.544>press-release <00:04:48.437>shine.

61
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<v Sarah>The <00:04:49.146>target <00:04:49.610>is <00:04:49.797>$1.35 <00:04:51.127>billion.

62
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<v Sarah>Dallas-based, <00:04:53.717>60-plus <00:04:54.424>sites <00:04:54.814>across <00:04:55.177>the <00:04:55.357>U.S., <00:04:55.866>Canada, <00:04:56.397>and <00:04:56.537>the <00:04:56.677>U.K.

63
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<v Sarah>First-quarter <00:04:58.337>revenue <00:04:58.837>was <00:04:59.117>$270.5 <00:05:00.877>million — <00:05:02.149>with <00:05:02.317>a <00:05:02.477>$66 <00:05:03.167>million <00:05:03.877>net <00:05:04.213>loss, <00:05:04.717>per <00:05:04.901>Bloomberg.

64
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<v Matt>And <00:05:06.330>watch <00:05:06.624>where <00:05:06.777>the <00:05:06.890>money <00:05:07.253>goes — <00:05:08.157>the <00:05:08.339>proceeds <00:05:08.890>go <00:05:09.024>to <00:05:09.141>debt <00:05:09.477>paydown, <00:05:10.389>with <00:05:10.624>no <00:05:10.897>new-capacity <00:05:11.770>build <00:05:12.108>attached.

65
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<v Matt>AI <00:05:13.786>demand <00:05:14.264>sells <00:05:14.617>the <00:05:14.757>deal; <00:05:15.497>the <00:05:15.685>cash <00:05:16.277>refinances <00:05:17.097>the <00:05:17.217>balance <00:05:17.690>sheet.

66
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<v Sarah>Comparable <00:05:19.237>REITs <00:05:19.597>are <00:05:19.770>up <00:05:19.925>over <00:05:20.277>30% <00:05:20.885>this <00:05:21.125>year, <00:05:21.690>so <00:05:21.837>Brookfield's <00:05:22.494>timing <00:05:22.857>the <00:05:22.986>window.

67
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<v Sarah>And <00:05:24.069>they're <00:05:24.317>keeping <00:05:24.643>voting <00:05:24.967>control <00:05:25.397>post-IPO — <00:05:26.883>public <00:05:27.210>money, <00:05:27.847>private <00:05:28.241>steering <00:05:28.650>wheel.

68
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<v Matt>After <00:05:30.217>the <00:05:30.437>QTS <00:05:31.050>collapse <00:05:31.530>we <00:05:31.685>just <00:05:31.934>walked <00:05:32.317>through — <00:05:33.157>a <00:05:33.277>$100 <00:05:34.067>billion <00:05:34.906>campus <00:05:35.424>dying <00:05:35.997>because <00:05:36.297>the <00:05:36.414>ground <00:05:36.810>rules <00:05:37.117>weren't <00:05:37.450>there — <00:05:37.957>I <00:05:38.069>want <00:05:38.250>to <00:05:38.417>see <00:05:38.677>how

69
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<v Matt>honestly <00:05:39.605>this <00:05:39.917>S-1 <00:05:40.490>books <00:05:40.797>its <00:05:40.977>own <00:05:41.237>site <00:05:41.637>risk. <00:05:42.170>Start <00:05:42.904>there.

70
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<v Sarah>Here's <00:05:45.900>Seongjun <00:05:46.514>Jo <00:05:46.780>at <00:05:47.007>Aju <00:05:47.447>Press:

71
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<v Quote>AI <00:05:49.127>semiconductor <00:05:49.856>startup <00:05:50.356>Furiosa <00:05:51.156>AI <00:05:51.609>is <00:05:51.916>collaborating <00:05:52.468>with <00:05:52.653>global <00:05:53.060>data <00:05:53.350>center <00:05:53.606>company <00:05:54.036>Equinix <00:05:54.783>to <00:05:55.044>penetrate <00:05:55.516>the <00:05:55.689>European <00:05:56.223>AI <00:05:56.484>infrastructure

72
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<v Quote>market.

73
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<v Quote>Furiosa <00:05:58.969>AI <00:05:59.276>announced <00:05:59.676>a <00:05:59.764>strategic <00:06:00.243>partnership <00:06:00.788>with <00:06:00.976>Equinix <00:06:01.743>to <00:06:01.996>build <00:06:02.356>RNGD <00:06:03.236>(Renegade)-based <00:06:04.249>AI <00:06:04.556>inference <00:06:04.976>servers <00:06:05.529>at <00:06:05.816>the <00:06:05.956>Equinix <00:06:06.623>LS2 <00:06:07.140>data <00:06:07.430>center

74
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<v Quote>in <00:06:07.853>Lisbon <00:06:08.463>Portugal.

75
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<v Quote>The <00:06:09.689>newly <00:06:09.996>established <00:06:10.486>servers <00:06:10.852>will <00:06:10.986>operate <00:06:11.503>as <00:06:11.609>an <00:06:11.774>evaluation <00:06:12.409>environment <00:06:13.063>where <00:06:13.440>European <00:06:13.844>companies <00:06:14.316>can <00:06:14.489>directly <00:06:14.985>verify <00:06:15.416>the <00:06:15.536>performance

76
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<v Quote>energy <00:06:16.894>efficiency <00:06:17.816>and <00:06:17.936>operational <00:06:18.643>convenience <00:06:19.183>of <00:06:19.396>RNGD <00:06:20.276>using <00:06:20.703>their <00:06:20.896>own <00:06:21.236>AI <00:06:21.613>models <00:06:21.976>and <00:06:22.100>workloads.

77
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<v Sarah>Furiosa <00:06:23.751>AI <00:06:24.111>and <00:06:24.311>Equinix <00:06:24.911>are <00:06:25.061>putting <00:06:25.451>RNGD <00:06:26.207>inference <00:06:26.781>servers <00:06:27.383>into <00:06:27.851>the <00:06:28.071>LS2 <00:06:28.631>site <00:06:29.004>in <00:06:29.180>Lisbon.

78
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<v Sarah>They're <00:06:30.431>framing <00:06:30.791>it <00:06:31.004>as <00:06:31.138>an <00:06:31.256>evaluation <00:06:31.964>environment, <00:06:32.917>rather <00:06:33.223>than <00:06:33.391>a <00:06:33.479>full <00:06:33.715>commercial <00:06:34.209>deployment.

79
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<v Matt>An <00:06:35.766>evaluation <00:06:36.784>environment.

80
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<v Matt>European <00:06:38.839>companies <00:06:39.331>can <00:06:39.559>walk <00:06:39.831>in, <00:06:40.371>run <00:06:40.578>their <00:06:40.751>own <00:06:40.951>models, <00:06:41.719>kick <00:06:41.931>the <00:06:42.098>tires.

81
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<v Matt>Basically <00:06:43.471>a <00:06:43.573>showroom <00:06:44.128>before <00:06:44.528>anyone <00:06:44.931>commits <00:06:45.404>to <00:06:45.551>a <00:06:45.644>buildout.

82
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<v Sarah>Right — <00:06:47.404>no <00:06:47.571>megawatt <00:06:48.060>figure, <00:06:48.764>no <00:06:48.928>server <00:06:49.338>count.

83
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<v Sarah>The <00:06:50.271>pitch <00:06:50.578>is <00:06:51.111>HBM-based <00:06:52.135>inference <00:06:52.751>and <00:06:52.928>energy <00:06:53.329>efficiency

84
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<v Sarah>aimed <00:06:54.675>straight <00:06:55.058>at <00:06:55.131>the <00:06:55.324>AI <00:06:55.644>sovereignty <00:06:56.284>crowd <00:06:56.583>that <00:06:56.764>wants <00:06:57.098>chips <00:06:57.463>that <00:06:57.639>aren't <00:06:57.943>from <00:06:58.091>the <00:06:58.231>usual <00:06:58.691>two <00:06:58.951>vendors.

85
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<v Matt>And <00:07:00.191>the <00:07:00.364>smart <00:07:00.695>read <00:07:00.999>here <00:07:01.244>is <00:07:01.408>simple: <00:07:02.288>Europe <00:07:02.684>is <00:07:02.841>writing <00:07:03.249>indigenous-infrastructure <00:07:04.585>checks <00:07:05.324>so <00:07:05.458>it <00:07:05.551>doesn't <00:07:05.879>have <00:07:06.098>to <00:07:06.208>depend <00:07:06.604>on <00:07:06.802>anyone

86
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<v Matt>and <00:07:07.991>a <00:07:08.128>Korean <00:07:08.541>startup <00:07:09.084>parks <00:07:09.391>a <00:07:09.495>demo <00:07:09.831>rack <00:07:10.178>in <00:07:10.300>Lisbon <00:07:10.764>to <00:07:10.924>catch <00:07:11.223>that <00:07:11.418>money.

87
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<v Matt>Fine. <00:07:12.981>But <00:07:13.218>it's <00:07:13.391>still <00:07:13.631>a <00:07:13.735>test <00:07:14.058>bench.

88
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<v Matt>Nobody's <00:07:15.397>signed <00:07:15.711>a <00:07:15.804>power <00:07:16.151>contract <00:07:16.851>off <00:07:17.071>a <00:07:17.159>bake-off <00:07:17.731>yet.

89
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<v Sarah>After <00:07:18.811>the <00:07:18.911>morning <00:07:19.244>we've <00:07:19.511>had — <00:07:20.271>a <00:07:20.359>dead <00:07:20.595>Virginia <00:07:21.021>gateway <00:07:21.551>and <00:07:21.711>a <00:07:21.815>Duke <00:07:22.128>tariff <00:07:22.519>that <00:07:22.751>lumps <00:07:23.100>hyperscalers <00:07:23.884>in <00:07:24.023>with <00:07:24.218>steel <00:07:24.618>mills — <00:07:25.471>a <00:07:25.580>modest <00:07:26.025>little <00:07:26.311>Lisbon

90
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<v Sarah>test <00:07:27.175>rack <00:07:27.511>is <00:07:27.728>almost <00:07:28.129>refreshing.

91
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<v Sarah>Nobody's <00:07:29.631>stranding <00:07:30.124>an <00:07:30.311>asset <00:07:30.775>here.

92
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<v Host>If <00:07:32.018>you're <00:07:32.198>following <00:07:32.578>the <00:07:32.686>infrastructure <00:07:33.404>behind <00:07:33.865>AI

93
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<v Host>check <00:07:34.858>out <00:07:35.118>Musk <00:07:35.518>v <00:07:35.718>Altman <00:07:36.318>Daily — <00:07:37.078>daily <00:07:37.331>court-watch <00:07:37.945>on <00:07:38.078>Elon <00:07:38.462>Musk's <00:07:38.865>trial <00:07:39.238>against <00:07:39.578>Sam <00:07:39.838>Altman

94
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<v Host>OpenAI <00:07:41.618>and <00:07:41.750>Microsoft

95
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<v Host>with <00:07:42.862>testimony <00:07:43.580>exhibits

96
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<v Host>and <00:07:44.258>the <00:07:44.425>AGI <00:07:44.842>governance <00:07:45.345>fight.

97
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<v Host>Find <00:07:46.585>it <00:07:46.682>wherever <00:07:47.078>you <00:07:47.255>listen.

98
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<v Host>Next <00:07:49.076>up: <00:07:49.789>the <00:07:49.889>North <00:07:50.142>Carolina <00:07:50.625>Utilities <00:07:51.165>Commission's <00:07:51.657>rate-case <00:07:52.142>hearings <00:07:52.689>are <00:07:53.102>expected <00:07:53.582>to <00:07:53.721>take <00:07:53.929>up <00:07:54.137>Duke <00:07:54.375>Energy's <00:07:54.862>large-load <00:07:55.506>tariff <00:07:55.897>this <00:07:56.169>week

99
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<v Host>and <00:07:57.209>Furiosa <00:07:57.929>AI <00:07:58.316>plans <00:07:58.676>to <00:07:58.791>showcase <00:07:59.449>RNGD <00:08:00.229>and <00:08:00.449>its <00:08:00.676>AI <00:08:00.933>software <00:08:01.369>stack <00:08:01.956>at <00:08:02.409>RAISE <00:08:02.866>Summit <00:08:03.289>2026 <00:08:04.249>in <00:08:04.516>Paris.

100
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<v Host>You'll <00:08:05.961>find <00:08:06.142>links <00:08:06.436>to <00:08:06.516>every <00:08:06.702>story <00:08:07.022>we <00:08:07.159>covered <00:08:07.409>today <00:08:07.636>in <00:08:07.709>the <00:08:07.817>show <00:08:08.089>notes, <00:08:08.702>if <00:08:08.849>one <00:08:09.003>caught <00:08:09.241>your <00:08:09.449>ear.

101
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<v Host>That's <00:08:10.509>The <00:08:10.617>Data <00:08:10.855>Center <00:08:11.182>Daily <00:08:11.489>for <00:08:11.676>today.

102
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<v Host>This <00:08:12.969>is <00:08:13.169>a <00:08:13.269>Lantern <00:08:13.789>Podcast.