Ed Elson

My understanding is that they were going to build

30 gigawatts worth of compute by the year 2030.

I think they've built, I want to say two gigawatts so far.

I mean, the point being, it seems like that company specifically is probably guilty

in particular, of this over-promise, under-delivered dynamic that Jigar is talking about?

I wonder if you have any thoughts on that.

Well, John, I guess— Just trying to be a little bit more family-friendly.

Clusterfuck, I said it.

Okay.

Yeah, there you go.

All right.

So, I guess, John, I mean, it sounds like what—

you and Jigar both agree that this is a lot more difficult than AI companies and investors had anticipated.

It sounds like maybe where you may disagree is the extent to which they underestimated things or the extent to which they misjudged it.

I guess my follow-up question to you, John, is, I mean, how bad is it really

When we look at what's happening from Wall Street's perspective, for example, I don't think Wall Street is as clued into what is happening on the ground when it comes to energy and compute capacity constraints as you are.

So, I mean, how big of a problem is it really if it's not quite as big as Jigga might be suggesting?

So, Jigar, I mean, when I kind of synthesize what's happening here, what we're basically saying is these data centers are a lot more volatile than we had originally expected.

They're also consuming huge amounts of energy to a degree that people a few years ago would never have anticipated.

And at the same time, I also know that the Strait of Hormuz is closed and blockaded as we speak.