Fred Thiel

Now, granted, great revenues.

But if you can at least take the infrastructure down to a million dollars a megawatt.

and solve that problem through modularizing a data center.

And in the world of inference, you don't need to have all these huge clusters that are interconnected.

I think you start seeing all of a sudden an ability to take advantage of power in all sorts of very interesting places.

And just to be fair, you know, revenue generation in the world is only done through inference.

That's what you pay for.

You don't pay for training unless you're building models.

Yeah, so again, it's all about time to energization of the data center.

So if you're a hyperscaler, you have a certain amount of capacity you want to have online by the end of 2026, a certain amount by the end of 27, 28, 29.

As you get beyond 29,

There you can look at, I'm going to go build my own power generation because that's going to take a couple of years to three years just to get permitting, etc.

Anybody look at Vernova or GE Power's recent or Siemens Power recent earnings releases, their orders are up 260%.

The queues are 36 months.

to get equipment for generation.

So building your own generation capacity is a long game.

Right now it's a capacity game and that's operational capacity because that's what drives market share.

And so they are looking for very fast ways to get online.

And that's more easily done by finding people that have power.

And so the value of powered land goes up very high.