Wes Cummins

I always tell people,

Please think of Applied Digital as being a boring business model where I just keep signing 15-year massive leases and then we build the buildings and then that revenue and those earnings start to flow through our income statement.

you shouldn't expect anything more from me than just more of those leases and more of those campuses and more of those customers.

And that's what we're doing.

And we've even simplified our business where, you know, just this week we completed the spin out into another public company of our cloud business.

So that simplifies our business even more.

We have an IPP that we own 10% of called Base Electron, where that's going to build power generating assets.

But Applied Digital itself will have ownership in those.

So our shareholders benefit.

But we sign data center leases.

We build data centers.

We deliver them.

We operate them.

And that's what we do.

Yeah, so one, the cloud side of the business, terrific.

I think huge amount of potential.

You see CoreWeave, you see Nebius, you see what Iron's doing.

So I think there's a huge amount of potential there.

However, two items here.

It's a capital-intensive business.