WEBVTT 00:00:00.090 --> 00:00:06.480 Talk to us about the next phase of the AI capex cycle. I mean, 00:00:06.679 --> 00:00:12.130 particularly maybe where there's bottlenecks and how are, how are customers adjusting their 00:00:12.130 --> 00:00:18.690 buildout strategy based on that. Well, there are, when I talk about the industry in general, 00:00:19.048 --> 00:00:23.850 uh, it's a, it's an industry that over the last few years and probably for the years to 00:00:23.850 --> 00:00:30.818 come, has always had to face a number of pacing items. Uh, the, the, the most, uh, 00:00:30.829 --> 00:00:37.408 talked about and of course, uh, broadly known pacing item is access to power. Uh, 00:00:37.668 --> 00:00:44.130 access to power seemed to be like, uh, uh, creating a ceiling that the industry would not 00:00:44.130 --> 00:00:50.990 ever be able to, uh, to, to, to, to break. Um, but in fact, we see that a lot 00:00:50.990 --> 00:00:57.750 of power behind the meter is being developed. So, again, what seemed to be a constraint. 00:00:58.209 --> 00:01:03.168 It's become just a pacing item, so something that the industry is addressing, and the 00:01:03.168 --> 00:01:09.808 industry is growing, creating solution to the power. Now, clearly, um, permitting, uh, is 00:01:09.808 --> 00:01:15.209 another element, access to land, and then you have to access land, power, and permitting at 00:01:15.209 --> 00:01:20.650 the same time. But again, this is the complexity of, uh, of the industry, and a lot 00:01:20.650 --> 00:01:26.418 of savvy operators in the industry are, uh, going after this challenge. is in a very 00:01:26.418 --> 00:01:31.260 effective manner, and in fact, we see the overall market continues to grow. We see, we 00:01:31.260 --> 00:01:38.189 see that in our pipelines that are constantly uh growing and, and stronger and stronger. But 00:01:38.189 --> 00:01:44.500 again, when the market grows at that, uh, at that rate, uh, then you, you have, uh, with 00:01:44.500 --> 00:01:50.489 those pacing items, as I was saying, as a technology provider, you have to address. The, 00:01:50.569 --> 00:01:57.528 the challenges that are behind those spacing items. So, uh, more and more 00:01:57.528 --> 00:02:03.730 energy efficiency, so that every electron, that hard-fought electron in terms of access to 00:02:03.730 --> 00:02:10.449 power can be converted in tokens. So, now the, the, the real mantra in the, in the 00:02:10.449 --> 00:02:16.808 industry is, uh, you know, tokens per second per megawatt. It is how you make sure that 00:02:16.808 --> 00:02:23.520 every Contracted electron, if you will, or generated electron is really utilized to 00:02:23.520 --> 00:02:30.379 generate rev to generate revenue generating um uh tokens. Another element uh 00:02:30.719 --> 00:02:36.819 of, uh, let's say pacing item on constraint for the industry is, uh, is simply 00:02:37.360 --> 00:02:42.960 uh speed of construction. The data center industry in the end, or in many respects, is 00:02:42.960 --> 00:02:49.139 also a construction industry. So, uh, clearly we're, we're trying to run the construction 00:02:49.139 --> 00:02:56.020 industry almost at the speed of tech. So what happens, that there is a lot of complexity in 00:02:56.020 --> 00:03:02.960 the construction site. Sometimes there is a shortage of skilled labor. And then hence you 00:03:02.960 --> 00:03:09.800 see a change in the way data centers are built from a purely stick build one piece at a 00:03:09.800 --> 00:03:16.479 time, built together, really the construction on site to more and more modularization, 00:03:16.679 --> 00:03:23.344 prefabrication, and then fast deployment so that everything that is. Plaque is moved 00:03:23.774 --> 00:03:30.254 within a factory environment, higher quality, lower cost, much higher speed, minimize what 00:03:30.254 --> 00:03:35.774 happens on site. So these are the things that happen. We, we're very happy being kind of a 00:03:35.774 --> 00:03:40.493 thought leader in this space across the entire spectrum of the things I just said.