Paul Kudrowski

It'll be populated.

There'll be rental income flowing back from it because that's what they want.

Think of it like interest on a debt note, that there'll be interest flowing back because people are paying for hourly usage of these GPUs and that flows back to me as a partial owner of this data center.

And that's what I'm looking for, a stake in that rental income, no different than having a stake in a note that I've extended to someone else in the form of debt.

So now I have multiple people participating, in part because their interests are aligned, but also from the standpoint of these individual public companies, because I don't have to roll it up into my income statement if I control less than 50% of it.

So that's a really important proviso that...

I want de facto control because I'm actually using it and benefiting from it.

But from a legal standpoint, I don't want legal control because then that flows back and I have to deal with it from the standpoint of my credit rating in terms of the leverage, the amount of debt I have on my balance sheet against my equity, and all of these things that are really mundane and boring, but matter immensely to CFOs.

So from their standpoint, the idea of partnering with a large private credit firm to create these bespoke,

Special purpose vehicles that are these one-off vehicles that we all sign up for and we join in and the data center gets created.

They're great because now I get what I wanted, which is a new data center, and I don't get what I didn't want, which is a hit to my credit rating.

And so there's a huge incentive to create these and create more, especially given that we're already at these historical limits in terms of the amount of spending we're already making.

So there's a huge incentive to put it somewhere else.

Yeah, so not to go full hedge fund, but if you think about it in terms of the companies that have really benefited, they're in construction, they're in air conditioning.

So for like Carrier, for example, and think about them as being, if I'm building out industrial class air conditioning for giant data centers at an unprecedented scale, what business would I really like to be in?

I want to be selling them air conditioning because cooling those buildings is a huge problem.

And it's great if I'm an industrial provider of industrial air conditioning, for example.

So these are the kinds of companies that aren't as obvious, but are huge beneficiaries of this build out.

So leaving aside you and I as beneficiaries from AI, think about the construction providers, architectural providers.

Think about the carriers of this world and the air conditioning providers and all of these people whose products end up helping turn a