Emily Flippen

I think investors' minds often immediately turn to the fear that the data centers that we see so far have actually been overbuilt.

That's given the narrative that we talk about a lot around fears around an AI bubble.

But the information that we have that I just indicated, I mean, that only shows that demand has continued to outstrip supply.

How does that build out look to you today?

Yeah, there's kind of two parts to that equation.

There are the people who need the capacity in order to fund operations, to fund the queries and the training that we talked about.

And there's also the people who are actually funding the projects themselves, who are offering capital.

You need both part of those equations to make that work.

And so far, we haven't seen cracks happening on either side of those equations.

But that doesn't mean that there hasn't been public pushback just from the peoples whose daily lives have been impacted from these expansions and others.

That build-out that is happening and continues to happen, as Dan mentions, it has massive implications for things like energy consumption.

The IEA projects that global energy consumption for data centers alone will double by 2030.

And in the United States, the Pew Research Center projects that AI-based electricity usage will rise 133% in that same time period.

So I understand that a lot of investors hear that, and they think the obvious takeaway is that there's going to be a need for infrastructure investment, right?

That's a great opportunity for energy investments over the next couple of years because you need energy to power those initiatives.

What do you personally make of that?

It reminds me of this quote.

I never watched House of Cards, but I know this quote from the Netflix TV show, which is, what is it?

Powers, the new real estate, something along that line.

And I think the commentaries around physical power, like, you know,