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