Ed Elson

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.

I mean, there was an executive order to eliminate all forms of state-level AI legislation, which to me is basically them saying, like, we don't want any regulation.

We just want the markets to completely...

do their thing, no regulation whatsoever.

To me, neither seems like the right move, but I'd be interested to hear both of your perspectives on what is the right move from a policy perspective.

Jigar, I'll start with you, considering you recently worked in government.

Yes, many data centers, which may hopefully make us less reliant on a handful of companies to build all the data centers that we need.

I mean, it seems as though literally four companies are going to build the giant robot boxes.