“Think about this. In this last election, you had both Democrats and Republicans running campaign attack ads on any politician who approved any data center. So if you're a politician or a civil servant who wants to move up the ladder, what is your incentive to stamp approval on anything? I don't see anyone who is ambitious politically wanting to stick their neck out in any way to approve anything over the next four years.”

I'll explain it. But look, I saw an analyst from Semi-Analysis then come out and say that you do realize that projects that are under construction right now don't necessarily have every single permit they need to actually open for business. In other words, once you've constructed the data center, you may still have to get an air pollution permit. There's various kinds of permits that sometimes you don't get till the end. So if you take what she's saying seriously and literally that there'll be no new permits passed until this new regulatory regime comes into effect, we could end up with a bunch of stranded, half-finished projects. Now, I'm not saying that's necessarily going to happen. I'm not criticizing her because I don't know what she's going to do. She hasn't even taken office yet. I'm simply pointing out that this could go a lot of ways. You know, they could do this in a reasonable way or an unreasonable way. So you could end up with a lot of half-finished projects. My base case is that the projects that are fully permitted will get done in 2027. But I don't think there's going to be major new projects in this new regime for a long time for the simple reason that there's no political incentive for…