Azeem Azhar

clear that energy is constrained because of lead times and so on.

But if you listen to Elon Musk talk about why he wants to put data centers in space, every single thing, reason, comes down to things we've done to ourselves, grid permitting, backlogs.

I mean, these things are cues.

They're not walls.

They're not laws of physics.

You know, the laws of physics are, you know, black body radiation and the speed of light and all these other things that Hannah knows much more about than I do.

And so I think that there is something to be said that it's very exciting if you're in the energy space to suddenly be important because we'd rather forgotten about you for the last, you know, 10 years or so.

And, you know, Europe hadn't really thought much about its energy and was caught flat footed by, you know, the gentleman from Moscow.

And I think the, so everyone has got really, really excited about that question.

And as Jaime says, it feels like it's solvable.

I would push a little bit on that because there's just a lot of, you know, supply chain questions that have to get fixed.

The copper issue, right?

Suddenly we all know about copper and about, you know, optical fiber and whoever thought about corning, honestly, before two months ago.

So there is something there.

But I think that what I also take away from this is let's go back and find out when these companies started talking about megawatts and gigawatts, because I'm pretty certain they were not saying it at the end of 24.

And I have to go back on my notes.

I think the first time I started hearing them talk publicly about gigawatts was

I met with Satya in January of 2025, and I would say that it was after that that I started seeing Microsoft talking quite a lot about megawatts and gigawatts, or as Doc Brown from Back to the Future would say, gigawatts.

And so this is kind of new to them, and it's also new to the energy business.

But there's definitely... I think this is the thing that the markets didn't get at the start of this week, which is these hyperscalers are absolutely...