WEBVTT

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<v Sarah>Vera <00:00:00.467>Rubin <00:00:00.848>hits <00:00:01.088>full <00:00:01.338>production <00:00:02.000>the <00:00:02.304>same <00:00:02.624>week <00:00:02.960>FERC <00:00:03.413>nails <00:00:03.720>a <00:00:03.804>December <00:00:04.320>31 <00:00:04.853>deadline <00:00:05.333>to <00:00:05.460>the <00:00:05.696>wall — <00:00:06.910>so <00:00:06.983>the <00:00:07.143>capex <00:00:07.750>curve <00:00:08.143>and <00:00:08.343>the <00:00:08.461>compliance <00:00:09.096>clock

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<v Sarah>just <00:00:09.733>started <00:00:10.123>running <00:00:10.443>against <00:00:10.771>each <00:00:11.030>other.

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<v Sarah>If <00:00:13.223>you're <00:00:13.411>just <00:00:13.653>joining <00:00:14.083>us: <00:00:14.456>local <00:00:15.187>data <00:00:15.489>center <00:00:15.809>fights <00:00:16.115>have <00:00:16.296>moved <00:00:16.643>past <00:00:17.030>generalized <00:00:17.834>backlash <00:00:18.523>and <00:00:18.931>into <00:00:19.143>the <00:00:19.247>permitting <00:00:19.755>machinery.

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<v Sarah>Communities <00:00:21.643>are <00:00:21.830>using <00:00:22.223>moratoria

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<v Sarah>special-permit <00:00:24.310>rules

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<v Sarah>and <00:00:25.254>environmental <00:00:25.988>conditions <00:00:26.670>to <00:00:26.780>manage <00:00:27.216>power

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<v Sarah>water <00:00:28.788>wastewater <00:00:29.856>noise

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<v Sarah>lighting <00:00:31.243>and <00:00:31.428>ecological <00:00:32.174>impact.

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<v Sarah>The <00:00:33.420>recent <00:00:33.820>marker <00:00:34.203>was <00:00:34.376>El <00:00:34.579>Paso <00:00:35.025>adopting <00:00:35.563>its <00:00:35.736>first <00:00:36.072>hyperscale <00:00:36.707>framework — <00:00:37.723>putting <00:00:38.056>large <00:00:38.394>campuses <00:00:38.993>through <00:00:39.243>a <00:00:39.331>more <00:00:39.594>explicit <00:00:40.216>local <00:00:40.540>review <00:00:40.963>process.

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<v Matt>This <00:00:43.523>is <00:00:43.723>The <00:00:43.907>Data <00:00:44.209>Center <00:00:44.563>Daily.

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<v Matt>We’ve <00:00:45.743>got <00:00:46.003>a <00:00:46.203>$57 <00:00:47.103>billion <00:00:48.153>capital <00:00:48.723>week.

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<v Matt>We’ve <00:00:49.643>got <00:00:49.803>a <00:00:49.923>FERC <00:00:50.296>order <00:00:50.611>with <00:00:50.883>actual <00:00:51.430>dates <00:00:51.816>on <00:00:52.003>it.

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<v Matt>And <00:00:52.947>Ohio <00:00:53.663>EPA <00:00:54.147>says <00:00:54.456>it <00:00:54.623>won't <00:00:55.100>rubber-stamp <00:00:55.863>the <00:00:56.003>water. <00:00:57.278>Buckle <00:00:57.561>up.

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<v Sarah>Ana <00:00:59.235>Maria <00:00:59.633>Constantin, <00:01:00.408>writing <00:01:00.715>in <00:01:00.788>The <00:01:00.912>Next <00:01:01.268>Web:

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<v Quote>Nvidia <00:01:02.611>confirmed <00:01:03.142>on <00:01:03.264>Monday <00:01:03.707>that <00:01:03.875>its <00:01:04.059>Vera <00:01:04.368>Rubin <00:01:04.706>platform <00:01:05.315>has <00:01:05.485>reached <00:01:05.899>full <00:01:06.206>production

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<v Quote>with <00:01:07.355>Ian <00:01:07.659>Buck <00:01:08.275>the <00:01:08.435>company’s <00:01:08.843>vice <00:01:09.091>president <00:01:09.622>of <00:01:09.728>accelerated <00:01:10.371>computing

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<v Quote>telling <00:01:11.571>reporters <00:01:12.128>at <00:01:12.292>Nvidia <00:01:12.690>headquarters <00:01:13.435>that <00:01:13.805>systems <00:01:14.195>are <00:01:14.375>now <00:01:14.599>shipping <00:01:14.982>to <00:01:15.099>customers <00:01:15.747>including <00:01:16.475>OpenAI

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<v Quote>CoreWeave <00:01:18.326>Google <00:01:18.955>Cloud

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<v Quote>Microsoft <00:01:20.382>Azure <00:01:20.955>Meta

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<v Quote>and <00:01:21.995>Dell. <00:01:23.227>OpenAI <00:01:24.142>plans <00:01:24.528>to <00:01:24.702>adopt <00:01:25.099>Vera <00:01:25.408>Rubin <00:01:25.728>at <00:01:25.902>scale <00:01:26.269>during <00:01:26.495>the <00:01:26.608>third <00:01:26.935>quarter, <00:01:27.627>according <00:01:27.968>to <00:01:28.123>Bloomberg, <00:01:28.822>which <00:01:29.008>first <00:01:29.328>reported <00:01:29.775>the <00:01:29.888>briefing.

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<v Sarah>Nvidia <00:01:31.166>confirmed <00:01:31.625>it <00:01:31.747>Monday: <00:01:32.606>Vera <00:01:32.865>Rubin's <00:01:33.331>in <00:01:33.502>full <00:01:33.816>production.

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<v Sarah>Ian <00:01:35.246>Buck <00:01:35.486>told <00:01:35.718>reporters <00:01:36.131>at <00:01:36.287>headquarters <00:01:36.894>that <00:01:37.028>systems <00:01:37.538>are <00:01:37.642>shipping <00:01:38.051>to <00:01:38.238>OpenAI

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<v Sarah>CoreWeave <00:01:40.147>Google <00:01:40.638>Cloud

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<v Sarah>Microsoft <00:01:42.078>Azure <00:01:42.670>Meta

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<v Sarah>and <00:01:43.534>Dell — <00:01:44.378>and <00:01:44.618>per <00:01:44.854>Bloomberg

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<v Sarah>OpenAI <00:01:46.451>is <00:01:46.598>set <00:01:46.745>to <00:01:46.855>deploy <00:01:47.278>at <00:01:47.518>scale <00:01:47.998>in <00:01:48.358>Q3.

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<v Sarah>The <00:01:49.678>CoreWeave <00:01:50.204>number <00:01:50.531>is <00:01:50.658>the <00:01:50.758>one <00:01:50.905>to <00:01:51.018>sit <00:01:51.262>with: <00:01:52.138>ten <00:01:52.398>times <00:01:52.818>the <00:01:52.945>token <00:01:53.335>output <00:01:53.731>on <00:01:53.858>the <00:01:54.078>NVL72 <00:01:55.185>racks <00:01:55.564>versus <00:01:55.858>the <00:01:55.985>prior <00:01:56.391>generation.

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<v Sarah>In <00:01:58.063>inference-density <00:01:59.047>terms, <00:01:59.719>that's <00:01:59.967>a <00:02:00.060>generational <00:02:00.823>jump, <00:02:01.607>way <00:02:01.916>beyond <00:02:02.367>a <00:02:02.467>routine <00:02:02.957>refresh.

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<v Matt>Ten <00:02:04.567>times <00:02:04.967>the <00:02:05.047>tokens <00:02:05.674>means <00:02:06.067>ten <00:02:06.314>times <00:02:06.667>the <00:02:06.807>load, <00:02:07.260>Sarah.

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<v Matt>Those <00:02:08.807>NVL72 <00:02:09.914>racks <00:02:10.287>are <00:02:10.464>liquid-cooled <00:02:11.327>for <00:02:11.487>a <00:02:11.584>reason: <00:02:12.527>you <00:02:12.687>can't <00:02:12.935>pack <00:02:13.175>that <00:02:13.399>much <00:02:13.587>silicon <00:02:14.140>in <00:02:14.447>and <00:02:14.627>get <00:02:14.827>the <00:02:14.935>heat <00:02:15.187>out <00:02:15.427>any <00:02:15.634>other <00:02:15.867>way.

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<v Matt>That's <00:02:17.274>water <00:02:17.647>and <00:02:17.847>power, <00:02:18.460>on <00:02:18.767>a <00:02:18.860>meter, <00:02:19.247>somewhere.

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<v Matt>And <00:02:20.567>OpenAI's <00:02:21.340>scale-up <00:02:21.820>in <00:02:22.167>Q3 <00:02:22.860>lands <00:02:23.607>right <00:02:24.060>as <00:02:24.247>FERC's <00:02:24.616>registration <00:02:25.274>clock <00:02:25.664>starts <00:02:26.057>ticking.

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<v Matt>The <00:02:27.367>capex <00:02:27.991>ramp <00:02:28.327>and <00:02:28.587>the <00:02:28.698>compliance <00:02:29.260>calendar <00:02:29.807>are <00:02:30.220>about <00:02:30.514>to <00:02:30.637>collide.

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<v Sarah>The <00:02:32.071>Vera <00:02:32.447>CPU's <00:02:32.907>the <00:02:33.034>quiet <00:02:33.420>piece <00:02:33.735>here — <00:02:34.487>Nvidia <00:02:34.994>built <00:02:35.187>its <00:02:35.427>own <00:02:35.660>to <00:02:35.831>stop <00:02:36.133>buying <00:02:36.480>processors

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<v Sarah>then <00:02:37.820>spent <00:02:38.107>the <00:02:38.220>briefing <00:02:38.703>benchmarking <00:02:39.394>it <00:02:39.487>against <00:02:39.907>AMD's <00:02:40.487>Turin.

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<v Sarah>Twice <00:02:41.900>as <00:02:42.071>fast <00:02:42.354>on <00:02:42.487>Python, <00:02:43.063>they <00:02:43.207>say.

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<v Sarah>Vendor <00:02:44.487>math, <00:02:44.967>sure, <00:02:45.487>but <00:02:45.879>they <00:02:46.039>said <00:02:46.220>it <00:02:46.354>in <00:02:46.427>the <00:02:46.567>room.

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<v Sarah>This <00:02:48.158>one's <00:02:48.450>from <00:02:48.658>Bisnow:

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<v Quote>The <00:02:51.342>investment <00:02:51.845>giant <00:02:52.249>executed <00:02:52.868>roughly <00:02:53.258>$57B <00:02:54.311>in <00:02:54.946>data <00:02:55.184>center <00:02:55.526>transactions <00:02:56.471>by <00:02:56.794>financing <00:02:57.346>Meta’s <00:02:57.668>massive <00:02:58.085>Texas <00:02:58.498>campus <00:02:59.078>and <00:02:59.428>closing <00:02:59.818>its <00:02:59.991>acquisition

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<v Quote>of <00:03:00.738>Aligned <00:03:01.186>Data <00:03:01.448>Centers.

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<v Quote>BlackRock <00:03:03.351>is <00:03:03.488>leading <00:03:03.778>a <00:03:03.958>$12B <00:03:04.610>debt <00:03:05.122>sale <00:03:05.431>to <00:03:05.586>fund <00:03:05.818>its <00:03:06.002>data <00:03:06.292>center <00:03:06.558>project <00:03:07.038>for <00:03:07.282>Meta <00:03:07.591>in <00:03:07.751>El <00:03:07.938>Paso, <00:03:08.418>Texas, <00:03:09.078>The <00:03:09.186>Wall <00:03:09.412>Street <00:03:09.668>Journal <00:03:10.071>reported <00:03:10.568>Tuesday.

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<v Sarah>BlackRock <00:03:12.105>pushed <00:03:12.419>roughly <00:03:12.779>$57 <00:03:13.619>billion <00:03:14.512>in <00:03:14.683>data <00:03:14.985>center <00:03:15.323>financing <00:03:15.949>through <00:03:16.352>in <00:03:16.499>a <00:03:16.608>single <00:03:17.099>week.

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<v Sarah>The <00:03:18.183>headline <00:03:18.585>number <00:03:18.912>is <00:03:19.099>a <00:03:19.279>$12 <00:03:19.659>billion <00:03:20.283>debt <00:03:20.603>sale <00:03:20.912>to <00:03:21.067>fund <00:03:21.279>the <00:03:21.403>Meta <00:03:21.716>campus <00:03:22.112>in <00:03:22.272>El <00:03:22.491>Paso, <00:03:23.371>with <00:03:23.619>JPMorgan <00:03:24.339>and <00:03:24.516>Morgan <00:03:24.919>Stanley <00:03:25.389>leading <00:03:25.759>the <00:03:25.915>deal.

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<v Matt>And <00:03:27.643>read <00:03:27.919>the <00:03:28.035>ownership <00:03:28.592>split <00:03:28.905>before <00:03:29.239>you <00:03:29.547>clap — <00:03:30.368>it's <00:03:30.539>an <00:03:30.779>80/20 <00:03:31.472>joint <00:03:31.799>venture, <00:03:32.579>and <00:03:32.766>BlackRock <00:03:33.312>holds <00:03:33.619>the <00:03:33.819>80.

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<v Matt>Meta <00:03:35.232>keeps <00:03:35.579>20 <00:03:35.879>percent <00:03:36.379>and <00:03:36.699>a <00:03:36.819>light <00:03:37.069>balance <00:03:37.472>sheet; <00:03:38.366>BlackRock <00:03:39.019>owns <00:03:39.359>the <00:03:39.499>asset.

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<v Sarah>El <00:03:41.355>Paso <00:03:41.819>is <00:03:42.032>close <00:03:42.352>to <00:03:42.499>a <00:03:42.619>gigawatt <00:03:43.232>of <00:03:43.419>capacity.

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<v Sarah>This <00:03:44.752>is <00:03:44.879>the <00:03:45.019>same <00:03:45.392>El <00:03:45.595>Paso <00:03:45.995>that <00:03:46.119>put <00:03:46.363>ratepayer <00:03:46.903>language <00:03:47.307>into <00:03:47.539>its <00:03:47.723>framework — <00:03:48.752>so <00:03:48.879>the <00:03:49.003>city <00:03:49.312>wrote <00:03:49.599>the <00:03:49.723>ratepayer <00:03:50.326>in

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<v Sarah>and <00:03:51.239>now <00:03:51.439>the <00:03:51.549>capital <00:03:51.947>structure's <00:03:52.592>an <00:03:52.779>80/20 <00:03:53.675>with <00:03:54.099>a <00:03:54.179>$12 <00:03:54.639>billion <00:03:55.403>debt <00:03:55.726>stack <00:03:56.112>on <00:03:56.339>top.

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<v Matt>There's <00:03:58.139>the <00:03:58.349>tension <00:03:58.739>right <00:03:58.992>there.

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<v Matt>The <00:03:59.979>city <00:04:00.347>puts <00:04:00.559>the <00:04:00.683>ratepayer <00:04:01.206>in <00:04:01.299>the <00:04:01.472>document; <00:04:02.319>the <00:04:02.443>financing <00:04:03.065>writes <00:04:03.371>them <00:04:03.547>back <00:04:03.819>out.

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<v Matt>And <00:04:04.747>this <00:04:04.992>is <00:04:05.195>debt — <00:04:05.979>not <00:04:06.288>equity, <00:04:07.079>not <00:04:07.323>Meta's <00:04:07.755>cash — <00:04:08.592>so <00:04:08.752>somebody's <00:04:09.299>holding <00:04:09.646>bonds <00:04:10.029>against <00:04:10.459>a <00:04:10.579>gigawatt <00:04:11.072>of <00:04:11.259>load <00:04:11.659>that <00:04:12.032>still <00:04:12.359>has <00:04:12.566>to <00:04:12.686>clear <00:04:13.059>a <00:04:13.179>grid.

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<v Sarah>It <00:04:14.919>mirrors <00:04:15.359>the <00:04:15.467>Blue <00:04:15.739>Owl <00:04:16.027>structure <00:04:16.512>in <00:04:16.667>Richland <00:04:17.099>Parish.

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<v Sarah>That <00:04:18.359>one <00:04:18.599>was <00:04:18.819>$27 <00:04:19.529>billion <00:04:20.352>in <00:04:20.523>debt; <00:04:21.326>BlackRock <00:04:21.867>took <00:04:22.107>more <00:04:22.331>than <00:04:22.499>$3 <00:04:22.809>billion <00:04:23.606>of <00:04:23.679>the <00:04:23.832>bonds.

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<v Sarah>Same <00:04:25.081>playbook, <00:04:25.846>El <00:04:25.995>Paso <00:04:26.449>edition.

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<v Matt>So <00:04:28.459>BlackRock's <00:04:29.152>on <00:04:29.323>both <00:04:29.672>sides — <00:04:30.675>financing <00:04:31.199>the <00:04:31.339>load <00:04:31.679>through <00:04:31.979>GIP, <00:04:33.059>and <00:04:33.211>with <00:04:33.359>the <00:04:33.499>Aligned <00:04:33.979>close, <00:04:34.825>owning <00:04:35.119>the <00:04:35.227>infrastructure <00:04:35.939>the <00:04:36.123>load <00:04:36.443>runs <00:04:36.779>on.

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<v Matt>Who <00:04:37.819>eats <00:04:38.166>it <00:04:38.299>if <00:04:38.507>part <00:04:38.726>of <00:04:38.811>this <00:04:39.010>pipeline <00:04:39.619>doesn't <00:04:40.052>energize?

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<v Matt>Not <00:04:41.439>the <00:04:41.559>guy <00:04:41.787>with <00:04:42.139>20 <00:04:42.359>percent.

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<v Sarah>KEIRSTEN <00:04:43.925>BRAGER, <00:04:44.702>writing <00:04:44.939>in <00:04:45.072>AMPYX <00:04:45.552>CYBER:

59
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<v Quote>FERC <00:04:46.903>did <00:04:47.043>not <00:04:47.161>accelerate <00:04:47.783>NERC's <00:04:48.116>timeline, <00:04:48.996>it <00:04:49.151>made <00:04:49.383>the <00:04:49.556>calendar <00:04:50.063>a <00:04:50.215>directive <00:04:50.983>and <00:04:51.396>moved <00:04:51.718>registration <00:04:52.447>onto <00:04:52.723>the <00:04:52.827>critical <00:04:53.279>path.

60
00:04:53.903 --> 00:04:57.263
<v Quote>The <00:04:54.450>order <00:04:54.833>creates <00:04:55.203>the <00:04:55.314>computational <00:04:56.047>load <00:04:56.372>entity

61
00:04:57.327 --> 00:05:00.623
<v Quote>sets <00:04:57.603>the <00:04:57.707>December <00:04:58.143>31 <00:04:58.823>and <00:04:58.996>March <00:04:59.343>1 <00:04:59.575>deadlines

62
00:05:00.663 --> 00:05:03.423
<v Quote>and <00:05:00.829>leaves <00:05:01.143>the <00:05:01.396>AI <00:05:01.723>Reliability <00:05:02.516>Boundary

63
00:05:03.443 --> 00:05:07.823
<v Quote>the <00:05:03.567>line <00:05:03.873>between <00:05:04.255>what <00:05:04.423>the <00:05:04.591>grid <00:05:04.831>must <00:05:05.103>command <00:05:05.703>and <00:05:05.871>what <00:05:06.090>it <00:05:06.189>leaves <00:05:06.516>to <00:05:06.663>private <00:05:07.014>contract

64
00:05:07.843 --> 00:05:09.183
<v Quote>for <00:05:07.970>Phase <00:05:08.383>II <00:05:08.570>to <00:05:08.703>draw.

65
00:05:09.502 --> 00:05:16.382
<v Sarah>FERC <00:05:09.889>Order <00:05:10.435>RD26-7-000 <00:05:13.662>was <00:05:14.188>issued <00:05:14.515>on <00:05:14.642>the <00:05:14.738>Commission's <00:05:15.322>own <00:05:15.582>motion.

66
00:05:16.515 --> 00:05:25.742
<v Sarah>It <00:05:16.832>creates <00:05:17.262>a <00:05:17.422>new <00:05:17.717>registration <00:05:18.489>category — <00:05:19.462>the <00:05:19.645>computational <00:05:20.542>load <00:05:20.953>entity — <00:05:21.922>and <00:05:22.049>hangs <00:05:22.442>two <00:05:22.675>dates <00:05:22.995>on <00:05:23.155>it: <00:05:23.715>December <00:05:24.222>31 <00:05:24.822>for <00:05:24.962>the <00:05:25.086>standards <00:05:25.682>and

67
00:05:25.795 --> 00:05:29.742
<v Sarah>registry <00:05:26.302>criteria <00:05:27.462>March <00:05:27.822>1 <00:05:28.102>for <00:05:28.242>the <00:05:28.355>Phase <00:05:28.702>II <00:05:28.926>workplan.

68
00:05:30.657 --> 00:05:33.262
<v Sarah>All <00:05:30.782>week, <00:05:31.209>we've <00:05:31.382>watched <00:05:31.727>regulators <00:05:32.430>name <00:05:32.642>the <00:05:32.762>problem.

69
00:05:33.395 --> 00:05:35.902
<v Sarah>Today, <00:05:34.422>FERC <00:05:34.682>put <00:05:34.889>it <00:05:34.995>on <00:05:35.142>a <00:05:35.249>clock.

70
00:05:35.982 --> 00:05:42.302
<v Sarah>The <00:05:36.287>escalation <00:05:37.022>is <00:05:37.202>the <00:05:37.342>docket <00:05:37.719>number <00:05:38.122>and <00:05:38.322>the <00:05:38.444>calendar, <00:05:39.482>not <00:05:39.702>another <00:05:40.062>memo <00:05:40.422>about <00:05:40.691>urgent <00:05:41.182>need.

71
00:05:42.366 --> 00:05:49.102
<v Matt>Good. <00:05:42.791>December <00:05:43.582>31, <00:05:44.449>March <00:05:44.862>1 — <00:05:45.702>those <00:05:45.922>are <00:05:46.035>dates <00:05:46.322>you <00:05:46.422>can <00:05:46.622>miss, <00:05:47.302>and <00:05:47.472>missing <00:05:47.854>them <00:05:48.089>costs <00:05:48.662>something.

72
00:05:49.246 --> 00:05:53.182
<v Matt>That's <00:05:49.934>what <00:05:50.102>I've <00:05:50.279>wanted <00:05:50.675>since <00:05:50.974>this <00:05:51.166>beat <00:05:51.462>was <00:05:51.622>still <00:05:51.879>county <00:05:52.279>zoning <00:05:52.691>fights.

73
00:05:54.039 --> 00:05:55.349
<v Matt>But <00:05:54.117>here's <00:05:54.405>what <00:05:54.509>I'm <00:05:54.749>chewing <00:05:55.109>on.

74
00:05:55.447 --> 00:05:57.669
<v Matt>Registration <00:05:56.682>is <00:05:56.869>a <00:05:57.020>category.

75
00:05:57.781 --> 00:06:07.528
<v Matt>Does <00:05:58.256>it <00:05:58.362>actually <00:05:58.856>touch <00:05:59.229>the <00:05:59.429>12 <00:05:59.809>gigawatts <00:06:00.456>stuck <00:06:00.842>in <00:06:01.109>PJM's <00:06:01.722>queue, <00:06:02.496>or <00:06:02.597>does <00:06:02.842>it <00:06:02.981>just <00:06:03.149>run <00:06:03.333>alongside <00:06:03.962>it — <00:06:04.509>everybody <00:06:04.922>fills <00:06:05.229>out <00:06:05.389>a <00:06:05.509>form, <00:06:06.206>nobody <00:06:06.640>clears?

76
00:06:07.528 --> 00:06:09.589
<v Sarah>The <00:06:07.976>order <00:06:08.349>punts <00:06:08.661>that <00:06:08.869>part.

77
00:06:09.669 --> 00:06:18.629
<v Sarah>Brager <00:06:10.202>at <00:06:10.389>AMPYX <00:06:10.949>flags <00:06:11.389>the <00:06:11.669>AI <00:06:12.049>Reliability <00:06:12.878>Boundary — <00:06:13.689>the <00:06:13.813>line <00:06:14.119>between <00:06:14.501>what <00:06:14.649>the <00:06:14.773>grid <00:06:15.089>can <00:06:15.339>command <00:06:15.889>and <00:06:16.117>what <00:06:16.362>stays <00:06:16.656>in <00:06:16.759>private <00:06:17.225>contract — <00:06:18.269>and <00:06:18.437>that

78
00:06:18.677 --> 00:06:21.109
<v Sarah>line <00:06:18.909>doesn't <00:06:19.229>get <00:06:19.416>drawn <00:06:19.802>until <00:06:20.122>Phase <00:06:20.522>II.

79
00:06:21.269 --> 00:06:26.949
<v Sarah>So <00:06:21.649>you <00:06:21.891>register <00:06:22.416>in <00:06:22.540>December, <00:06:23.469>and <00:06:23.621>your <00:06:23.818>actual <00:06:24.294>obligation <00:06:25.029>is <00:06:25.242>still <00:06:25.597>undefined.

80
00:06:27.002 --> 00:06:29.189
<v Matt>So <00:06:27.149>the <00:06:27.331>exposure <00:06:27.900>survives <00:06:28.489>the <00:06:28.611>deadline.

81
00:06:29.309 --> 00:06:33.989
<v Matt>You're <00:06:29.802>on <00:06:29.929>the <00:06:30.051>registry, <00:06:30.829>you're <00:06:31.056>on <00:06:31.149>the <00:06:31.333>hook — <00:06:32.109>for <00:06:32.293>what, <00:06:32.762>we <00:06:32.933>find <00:06:33.229>out <00:06:33.416>later.

82
00:06:34.109 --> 00:06:40.599
<v Matt>And <00:06:34.501>this <00:06:34.682>is <00:06:34.839>landing <00:06:35.216>in <00:06:35.309>the <00:06:35.493>same <00:06:35.799>quarter <00:06:36.229>Vera <00:06:36.616>Rubin <00:06:37.013>hits <00:06:37.317>full <00:06:37.567>production, <00:06:38.589>per <00:06:38.749>the <00:06:38.926>Nvidia <00:06:39.322>piece <00:06:39.642>we <00:06:39.797>just <00:06:40.089>ran.

83
00:06:40.599 --> 00:06:51.029
<v Sarah>Keep <00:06:41.169>two <00:06:41.385>separate <00:06:41.733>dockets <00:06:42.193>straight: <00:06:43.242>RD26-7-000 <00:06:46.896>is <00:06:47.169>not <00:06:47.389>the <00:06:47.749>RM26-4 <00:06:49.493>show-cause <00:06:50.200>proceeding.

84
00:06:51.077 --> 00:06:53.509
<v Sarah>Different <00:06:51.578>orders, <00:06:52.379>overlapping <00:06:52.781>timelines.

85
00:06:53.629 --> 00:06:55.109
<v Sarah>Don't <00:06:54.129>conflate <00:06:54.677>them.

86
00:06:55.939 --> 00:06:57.299
<v Sarah>This <00:06:56.139>one's <00:06:56.371>from <00:06:56.519>The <00:06:56.619>Vindicator:

87
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<v Quote>Citing <00:06:59.350>public <00:06:59.751>opposition

88
00:07:00.593 --> 00:07:08.013
<v Quote>the <00:07:00.749>Ohio <00:07:01.173>Environmental <00:07:01.737>Protection <00:07:02.242>Agency <00:07:02.706>rejected <00:07:03.173>a <00:07:03.283>request <00:07:03.813>for <00:07:03.973>a <00:07:04.063>blanket <00:07:04.482>permit <00:07:04.913>for <00:07:05.037>data <00:07:05.353>centers <00:07:05.826>to <00:07:05.981>discharge <00:07:06.471>wastewater <00:07:07.173>and <00:07:07.583>decided <00:07:07.960>to

89
00:07:08.075 --> 00:07:11.933
<v Quote>consider <00:07:08.605>each <00:07:08.813>project <00:07:09.422>individually. <00:07:10.706>In <00:07:10.853>a <00:07:10.943>Tuesday <00:07:11.362>ruling

90
00:07:11.953 --> 00:07:19.133
<v Quote>the <00:07:12.066>state <00:07:12.453>EPA <00:07:12.866>wrote: <00:07:13.433>“After <00:07:13.741>carefully <00:07:14.213>reviewing <00:07:14.613>the <00:07:14.786>significant <00:07:15.419>volume <00:07:15.746>of <00:07:15.910>public <00:07:16.297>comments <00:07:16.697>received <00:07:17.080>on <00:07:17.173>the <00:07:17.360>draft <00:07:17.737>National <00:07:18.157>Pollutant <00:07:18.653>Discharge

91
00:07:19.181 --> 00:07:22.253
<v Quote>Elimination <00:07:19.750>System <00:07:20.143>general <00:07:20.562>permit <00:07:21.013>for <00:07:21.197>data <00:07:21.503>centers

92
00:07:22.333 --> 00:07:26.733
<v Quote>Ohio <00:07:22.813>EPA <00:07:23.333>has <00:07:23.513>decided <00:07:23.993>not <00:07:24.200>to <00:07:24.301>move <00:07:24.543>forward <00:07:24.925>with <00:07:25.133>finalizing <00:07:25.793>the <00:07:25.893>general <00:07:26.230>permit”

93
00:07:27.118 --> 00:07:33.918
<v Matt>Ohio <00:07:27.738>EPA <00:07:28.218>had <00:07:28.438>a <00:07:28.538>blanket <00:07:29.009>wastewater <00:07:29.598>permit <00:07:30.131>teed <00:07:30.478>up — <00:07:31.246>dump-and-go <00:07:31.978>for <00:07:32.225>every <00:07:32.622>data <00:07:32.924>center <00:07:33.251>in <00:07:33.378>the <00:07:33.505>state.

94
00:07:34.118 --> 00:07:38.398
<v Matt>Seven <00:07:35.180>thousand <00:07:35.735>public <00:07:36.131>comments <00:07:36.625>later, <00:07:37.246>they <00:07:37.804>killed <00:07:38.131>it.

95
00:07:39.590 --> 00:07:41.712
<v Matt>Project-by-project <00:07:40.455>review <00:07:40.888>instead.

96
00:07:41.712 --> 00:07:48.158
<v Sarah>So <00:07:41.958>the <00:07:42.118>local <00:07:42.389>backlash <00:07:43.022>just <00:07:43.310>took <00:07:43.478>a <00:07:43.576>wastewater <00:07:44.254>turn: <00:07:45.031>regulators <00:07:45.798>dropped <00:07:46.118>the <00:07:46.298>one-size-fits-all <00:07:47.390>path.

97
00:07:48.238 --> 00:07:56.478
<v Sarah>In <00:07:48.458>Tuesday's <00:07:49.027>ruling, <00:07:49.571>it's <00:07:49.823>individual <00:07:50.691>NPDES <00:07:51.678>permits, <00:07:52.334>with <00:07:52.738>the <00:07:52.862>same <00:07:53.166>standards <00:07:53.648>applied <00:07:54.098>one <00:07:54.478>site <00:07:54.851>at <00:07:54.998>a <00:07:55.118>time.

98
00:07:56.498 --> 00:08:02.878
<v Matt>And <00:07:56.622>this <00:07:56.958>is <00:07:57.228>exactly <00:07:58.038>the <00:07:58.211>accountability <00:07:58.998>the <00:07:59.171>Thane <00:07:59.566>residents <00:08:00.030>were <00:08:00.222>screaming <00:08:00.898>for <00:08:01.318>and <00:08:01.731>never <00:08:02.098>got.

99
00:08:03.118 --> 00:08:10.158
<v Matt>A <00:08:03.414>regulator <00:08:03.966>here <00:08:04.211>actually <00:08:04.718>said, <00:08:05.438>no <00:08:05.804>rubber <00:08:06.171>stamp; <00:08:07.070>each <00:08:07.438>project <00:08:08.062>gets <00:08:08.358>a <00:08:08.462>real <00:08:08.798>look.

100
00:08:10.198 --> 00:08:18.478
<v Sarah>The <00:08:10.371>catch <00:08:10.684>buried <00:08:10.985>in <00:08:11.086>that <00:08:11.331>decision: <00:08:11.925>individual <00:08:12.878>review <00:08:13.398>under <00:08:13.638>the <00:08:13.838>same <00:08:14.220>rigorous <00:08:14.774>standards <00:08:15.331>means <00:08:15.665>every <00:08:16.078>project <00:08:16.698>now <00:08:16.926>eats <00:08:17.158>its <00:08:17.318>own <00:08:17.518>timeline.

101
00:08:18.569 --> 00:08:22.158
<v Sarah>Nobody's <00:08:19.258>discharging <00:08:19.808>cooling <00:08:20.225>water <00:08:20.585>on <00:08:20.718>a <00:08:20.838>general <00:08:21.187>permit <00:08:21.658>anymore.

102
00:08:23.877 --> 00:08:26.117
<v Sarah>Daily <00:08:24.170>Maverick, <00:08:24.917>with <00:08:25.127>Lindsey <00:08:25.517>Schutters:

103
00:08:26.514 --> 00:08:33.154
<v Quote>This <00:08:26.634>doesn’t <00:08:26.972>completely <00:08:27.614>absolve <00:08:28.034>Equinix <00:08:28.614>and <00:08:28.694>the <00:08:28.818>City <00:08:29.101>of <00:08:29.202>Cape <00:08:29.458>Town <00:08:29.741>of <00:08:29.861>blame <00:08:30.234>for <00:08:30.394>the <00:08:30.562>intricate <00:08:31.040>square <00:08:31.367>dance <00:08:31.666>they <00:08:31.854>did <00:08:32.066>when <00:08:32.250>unlocking <00:08:32.774>the <00:08:32.880>former

104
00:08:33.202 --> 00:08:36.434
<v Quote>golf <00:08:33.440>course <00:08:33.764>grounds <00:08:34.154>for <00:08:34.294>the <00:08:34.404>current <00:08:34.805>industrial <00:08:35.372>revolution

105
00:08:36.454 --> 00:08:39.394
<v Quote>but <00:08:36.594>we <00:08:36.814>can <00:08:37.042>give <00:08:37.266>them <00:08:37.434>a <00:08:37.514>break <00:08:37.767>on <00:08:37.906>some <00:08:38.061>of <00:08:38.154>the <00:08:38.320>environmental <00:08:38.971>fronts.

106
00:08:39.720 --> 00:08:48.360
<v Matt>A <00:08:39.864>golf <00:08:40.177>course <00:08:40.552>that <00:08:40.726>drinks <00:08:41.067>three <00:08:41.470>million <00:08:42.017>litres <00:08:42.400>a <00:08:42.560>day — <00:08:43.280>the <00:08:43.448>King <00:08:43.693>David <00:08:44.024>club <00:08:44.333>in <00:08:44.488>Cape <00:08:44.776>Town — <00:08:45.613>is <00:08:45.760>getting <00:08:46.086>turned <00:08:46.424>into <00:08:46.780>two <00:08:47.171>hyperscale <00:08:48.040>data

107
00:08:48.440 --> 00:08:56.973
<v Matt>centers. <00:08:49.260>And <00:08:49.820>the <00:08:49.933>Daily <00:08:50.253>Maverick's <00:08:50.720>whole <00:08:50.987>pitch <00:08:51.427>is: <00:08:51.947>relax, <00:08:52.960>the <00:08:53.128>data <00:08:53.370>centers <00:08:53.800>use <00:08:54.104>less <00:08:54.413>water <00:08:54.728>than <00:08:54.940>the <00:08:55.048>fairways <00:08:55.620>did.

108
00:08:56.991 --> 00:09:00.120
<v Sarah>Which, <00:08:57.213>if <00:08:57.360>you <00:08:57.512>just <00:08:57.720>do <00:08:57.900>the <00:08:58.025>arithmetic, <00:08:58.800>might <00:08:59.044>actually <00:08:59.453>be <00:08:59.640>true.

109
00:09:00.227 --> 00:09:07.720
<v Sarah>Three <00:09:00.830>million <00:09:01.377>litres <00:09:01.760>a <00:09:01.880>day <00:09:02.227>is <00:09:02.520>60,000 <00:09:03.297>people <00:09:03.693>under <00:09:04.008>Cape <00:09:04.264>Town's <00:09:04.653>Level <00:09:05.080>6B <00:09:05.640>Day <00:09:05.960>Zero <00:09:06.342>restrictions.

110
00:09:07.784 --> 00:09:14.960
<v Matt>Sure, <00:09:08.340>but <00:09:08.760>'better <00:09:09.192>than <00:09:09.360>a <00:09:09.464>golf <00:09:09.777>course' <00:09:10.253>is <00:09:10.400>a <00:09:10.520>low <00:09:10.860>bar <00:09:11.213>in <00:09:11.360>a <00:09:11.464>city <00:09:11.752>that <00:09:11.944>literally <00:09:12.570>counted <00:09:13.000>down <00:09:13.373>to <00:09:13.560>zero <00:09:13.960>water.

111
00:09:15.035 --> 00:09:20.501
<v Matt>Compare <00:09:15.587>it <00:09:15.672>with <00:09:15.848>that <00:09:16.120>same <00:09:16.493>water <00:09:16.813>going <00:09:17.107>to <00:09:17.260>Parow <00:09:17.760>and <00:09:17.944>Bellville, <00:09:18.840>not <00:09:19.112>with <00:09:19.280>a <00:09:19.384>fairway.

112
00:09:20.501 --> 00:09:29.000
<v Sarah>And <00:09:20.966>notice <00:09:21.272>what's <00:09:21.520>missing <00:09:21.832>from <00:09:21.980>the <00:09:22.160>excerpt — <00:09:23.240>no <00:09:23.460>megawatt <00:09:24.017>figure, <00:09:24.680>no <00:09:24.920>in-service <00:09:25.624>date, <00:09:26.333>no <00:09:26.507>named <00:09:26.911>operator <00:09:27.520>for <00:09:27.660>the <00:09:27.780>two <00:09:28.025>facilities.

113
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<v Sarah>The <00:09:29.297>phrase <00:09:29.720>is <00:09:30.080>'poised <00:09:30.840>to <00:09:31.070>welcome,' <00:09:31.987>which <00:09:32.173>is <00:09:32.360>a <00:09:32.480>lot <00:09:32.669>softer <00:09:33.112>than <00:09:33.280>a <00:09:33.377>signed <00:09:33.811>filing.

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<v Matt>Right <00:09:35.373>after <00:09:35.660>the <00:09:35.816>Ohio <00:09:36.320>EPA <00:09:36.747>piece <00:09:37.107>we <00:09:37.224>just <00:09:37.520>cued <00:09:37.853>up, <00:09:38.387>where <00:09:38.560>a <00:09:38.656>regulator <00:09:39.208>said <00:09:39.480>it'll <00:09:39.752>look <00:09:39.933>at <00:09:40.104>each <00:09:40.424>data <00:09:40.726>center's <00:09:41.138>wastewater <00:09:41.800>one <00:09:42.147>by <00:09:42.440>one.

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<v Matt>Cape <00:09:43.688>Town's <00:09:44.020>got <00:09:44.280>Day <00:09:44.600>Zero <00:09:44.973>in <00:09:45.120>its <00:09:45.297>recent <00:09:45.697>memory — <00:09:46.680>I'd <00:09:46.872>want <00:09:47.064>that <00:09:47.416>same <00:09:47.870>project-by-project <00:09:49.240>stare <00:09:49.720>here

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<v Matt>not <00:09:50.760>a <00:09:50.904>golf-course <00:09:51.538>comparison <00:09:52.173>in <00:09:52.320>a <00:09:52.413>business <00:09:52.897>column.

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<v Host>If <00:09:54.271>you <00:09:54.384>track <00:09:54.671>the <00:09:54.768>infrastructure <00:09:55.337>behind <00:09:55.651>the <00:09:55.878>AI <00:09:56.171>boom

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<v Host>try <00:09:57.291>AI <00:09:57.751>IPO <00:09:58.238>Watch: <00:09:58.758>daily <00:09:59.335>coverage <00:09:59.718>of <00:09:59.851>OpenAI

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<v Host>Anthropic <00:10:01.651>Databricks

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<v Host>and <00:10:02.651>SpaceX <00:10:03.171>going <00:10:03.428>public

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<v Host>with <00:10:04.358>every <00:10:04.571>filing <00:10:05.355>valuation

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<v Host>and <00:10:06.238>first <00:10:06.638>trade <00:10:07.031>sourced

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<v Host>not <00:10:07.991>rumored. <00:10:08.619>Find <00:10:09.158>it <00:10:09.247>wherever <00:10:09.571>you <00:10:09.725>listen <00:10:09.958>to <00:10:10.100>podcasts.

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<v Host>Next <00:10:12.065>we're <00:10:12.367>watching <00:10:12.585>NERC's <00:10:12.996>computational-load <00:10:13.958>reliability <00:10:14.601>standards

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<v Host>glossary <00:10:15.965>definitions

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<v Host>and <00:10:17.167>registry <00:10:17.736>criteria; <00:10:19.201>they're <00:10:19.385>due <00:10:19.558>to <00:10:19.745>FERC <00:10:20.172>by <00:10:20.269>December <00:10:20.785>31

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<v Host>2026. <00:10:23.085>The <00:10:23.558>Phase <00:10:23.932>II <00:10:24.209>workplan <00:10:24.745>for <00:10:24.916>computational-load <00:10:25.885>integration <00:10:26.732>is <00:10:27.145>due <00:10:27.318>March <00:10:27.665>1, <00:10:28.305>2027.

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<v Host>And <00:10:30.225>OpenAI <00:10:30.918>plans <00:10:31.238>to <00:10:31.398>adopt <00:10:31.745>Nvidia <00:10:32.289>Vera <00:10:32.625>Rubin <00:10:33.052>at <00:10:33.198>scale <00:10:33.711>during <00:10:34.005>the <00:10:34.118>third <00:10:34.445>quarter.

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<v Host>Links <00:10:36.012>to <00:10:36.105>every <00:10:36.358>story <00:10:36.678>we <00:10:36.825>covered <00:10:37.158>today <00:10:37.465>are <00:10:37.612>in <00:10:37.685>the <00:10:37.793>show <00:10:38.065>notes, <00:10:38.892>if <00:10:38.985>you <00:10:39.121>want <00:10:39.238>to <00:10:39.385>dig <00:10:39.537>into <00:10:39.718>anything <00:10:40.177>that <00:10:40.358>stood <00:10:40.685>out.

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<v Host>That's <00:10:41.925>The <00:10:42.033>Data <00:10:42.259>Center <00:10:42.518>Daily <00:10:42.845>for <00:10:43.105>today.

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<v Host>This <00:10:44.465>is <00:10:44.665>a <00:10:44.765>Lantern <00:10:45.275>Podcast.