“The foundational model companies are not home free. What does home free mean? That they have a fortress balance sheet, a profitable business model, and quasi-infinite compute for their own ambitions. And right now, they are renters. And the renter class in data centers, as of Tuesday, is very much at risk.”

…AI, I think it's going to be broad-based and include a lot of coverage around data centers and AI factories. And to the extent that that happens, maybe you'll get some regulatory capture on the one end, but you're going to constrain the supply so severely on the other that the real people that will be in control of it are Meta, Amazon, Google, Microsoft, and SpaceX. And so you have to remember the foundational model companies are not home free. What does home free mean? That they have a fortress balance sheet, a profitable business model, and quasi-infinite compute for their own ambitions. And right now, they are renters. And the renter class in data centers, as of Tuesday, is very much at risk. And so if anything, I think what's going to happen is all the renter classes will get co-opted. For example, I don't know if you guys saw today, but Google just took over a Crusoe data center. They co-opted the renter. They're like, you're gone. We're going to take it over. They did? Yeah. So why is that happening? It's because they have all of the core critical ingredients, specifically the…