Wes Cummins

the wafer throughput issue, the advanced packaging issue, because GPUs, when we started this process, GPUs were really the thing you couldn't get a hold of.

And I said, eventually they're going to fix all of that.

You're going to have plenty of supply of GPUs and other hardware because those supply chains know how to adjust really quickly.

They've been through many, many, many cycles.

But what we're not going to be able to fix once the GPUs are fixed is data center capacity.

You need the permitting, you need the power, you need the land, you need to build it.

You know, that takes a long time.

So I thought to myself, while the GPUs were the bottleneck in 2023, if I look out towards the end of 24, 25, 26, data center capacity is going to become the bottleneck.

So that's why we decided to lean in big on building large scale data center capacity.

Yeah, so I call us a highly technical landlord.

And so what we do is we have our sites, so we secure the power, we get the permitting, and then typically we'll start to do some of the build process, right?

Dirt work, get the foundations moving, all of that pretty low cost.

And then what we like at this point, you know, I built that first data center on spec.

I don't want to do that again.

But what we do is...

Get the site build ready and maybe do a little bit of the work so that it's a really fast process.

And then we show it to the hyperscale customers and we really focus on seven customers at this point.

And that's really all of our focus.

So it's, you know, it's Microsoft, it's Meta, it's Google, it's Amazon, Oracle, CoreWeave and NVIDIA.

And NVIDIA has been in the market recently for data center capacity.