Brandon McBee

Like not only do you have electricity, do you have the land, et cetera, but you have the backup battery supplies, you have the transformers, you have personnel, right?

Just think about the electricians, right?

for these sites and getting the accreditation on the electrician side to be able to participate in these builds.

I think it's a five-year plus apprenticeship to be able to go through that program.

We can't just make new electricians leveraging a supply chain.

That's a trade that you can't really scale efficiently.

So that is absolutely the bottleneck for us.

And I think our peer set that's out there right now, access to chips.

I think we have a phenomenal relationship with NVIDIA where we've just proven to be the best operator of this infrastructure on the planet.

You know, a bottleneck that existed for us previously, I think was access to financing.

Right.

I would agree with that broadly, but that's years of work and execution that has delivered that ability for us.

I mean, year to date, we've raised over $21 billion of financing for our business.

You don't get to do that and just go from zero to 20 out of nowhere.

And I think that's largely driven by our track record of execution, right?

Our investors, our creditors can see this deep set of experience over the years of consistently delivering on these builds.

I mean, we have over a gigawatt in active power at this point, right?

Like a gigawatt at the data center level with GPUs delivered into clients.

I think that there has been kind of a misunderstanding in the market where people are conflating the concept that like, you know, something on paper is the equivalent to being physically done and delivered.

And all I can say is there's an enormous gap between, you know, signing for power or delivery in 2030 and