Megan McCarty Carino

That is not this.

Correct.

There are different kinds of data centers.

You're hearing hyperscale data centers, major AI-built data centers.

Those are focused on all compute, and that compute can kind of sit anywhere in the U.S.

Compute.

What is that?

Compute is thousands and thousands of computers all in sync, all supporting whatever the business requires.

You talk about it like it's a living being, which is mildly terrifying.

I'm just saying.

Those hyperscale data centers, the ones being built by AWS and Google and Microsoft, are mostly training AI models.

You want Microsoft Copilot to get better?

Well, that's got to happen somewhere.

Those are single-tenant buildings.

It's all Microsoft.

It's all Microsoft.

It would be all Google.

And those can sit somewhere where there's a low cost of power, low cost of real estate, but they're connecting back to the Google network or the Microsoft network.

This data center is not that.

The infrastructure of the AI economy is being built by a lot of different companies.