Chamath Palihapitiya

The reaction of the utilities is to now build, which is the right reaction.

The problem is that for the last 20 years, they've been underbuilding.

So as they catch up, even if you have the data centers that are willing to pay their fair share, rates will still go up.

So what do we need to do that is beyond what Microsoft just announced?

I think all the hyperscalers should copy what Microsoft did.

I think it's great that the president was able to get these guys to the table to agree to it.

What is the next major thing?

The next major thing is when you actually create

$100 or $200 billion tax equity vehicle, and you have them completely subsidized and pay for the electricity costs of homeowners.

How do you do that?

You do that by paying for them to get solar and storage.

Why would they do that?

They would do that for two reasons.

Number one, and the most important, is that it will give them a social license to operate throughout the country.

The second reason is that the president preserved the ability to make those kinds of investments and be tax advantaged for doing it in the one big, beautiful bill.

So if you put these two things together, I think step one is you go into a local area, you tell the local residents, we'll pay for the water.

We'll make sure there's minimal noise and we'll make sure that we take absolutely no discount.

We pay our fair share, even if it means paying more than you do for electricity.

That's step one.

But now I think we need to go in with step two.