David Sachs

You saw just last week Microsoft stepped up and made a pledge.

that its data centers will not cause residential rates to increase, I think you'll likely see other tech companies stepping up and making similar commitments.

And in fact, when I've talked to the hyperscalers and when I've talked to the AI companies, it was never their plan to draw off their grid.

They all saw standing up their own power generation as part of their build-out.

And what Secretary Wright, our Secretary of Energy, has been doing is trying to

um, is, is reform the regulations that actually make it more difficult for these AI data centers to stand up their own power behind the meter.

So that basically is, is our vision is let, and I should say, this is president Trump's vision really since the beginning of the administration is he said, let the AI companies become power companies, let them stand up their own power generation as they built, you know, side-by-side with these new data centers and the, uh,

The result of that is, you know, A, we get this infrastructure, B, residential rates don't go up.

Well, I think there is obviously that concern.

I mean, you know, I think it's less, I would say, the banks and more.

You see Oracle making a huge investment.

You see Blackstone making huge investments, real estate companies.

Ultimately, I think these are very savvy market players, very deep pocketed companies, and they're doing this because they see an ROI there at the end of the rainbow.

Can I just make one other point about just the data centers?

So just on electricity, I actually think that if we allow the data centers to stand up their own power generation, it will actually bring down rates.

Not only will it not increase residential rates, it'll bring it down.

And it'll do that in two ways.

One is that the data centers can give or sell power back to the meter when they have excess.

So that will help bring down rates.

Second, there's a lot of fixed costs