Ed Elson

If I could just, I mean, a lot of technical terms here.

I want to just kind of like put it in layman's terms so that even I can understand it.

It sounds as though the right way to do it, and let me know if I'm getting any of this wrong, is for the data centers to be connected to the overall grid and responsive to the demand that the grid generates.

observes, essentially.

Excuse me if my language is wrong.

But essentially, a data center that is in real time responsive to the capacity and the supply and demand dynamics of the grid at large for a given geography.

Is that correct?

Which is why it seems to me that while maybe, I mean, John mentioned that maybe the energy, the increase in energy prices might not be directly because of data centers right now.

My assumption is when everything comes online, they certainly will be in the future.

And in addition, what you're kind of describing here is that these data centers aren't being really responsibly built, as in they're not setting up their systems such that they won't run into issues later down the line.

And then I look at something like Allbirds

deciding to rebrand themselves as data center providers, or even, I think, Jigar, you mentioned the name Fermi there, which is a company that we were looking at, which seems to be a total con, it seems to me.

And then we saw that the CEO exited.

I mean, I would like to hear your comments on those companies.

What is the correct policy response here?

When we think about the data center build-out, and we think about the fact that they are becoming so unpopular, and that, I mean, everyone knows what a data center is at this point.

They probably didn't two years ago.

We're now seeing proposals for data center moratoriums, just get rid of them altogether.

And then on the other side,

You have an administration which, in my view, has made a policy of having no policy, really.