One interesting thing is, for all the talk about anti-datacenter politics, he says it’s not an issue for their planning purposes. Gear (cooling, electrical etc) is the real binding constraint on datacenter growth, rather than anything with permitting.

@TheStalwart @tracyalloway @branninmcbee Did you ask about servicing all the debt

@TheStalwart @tracyalloway @branninmcbee Oh shit this is mandatory listening for me.

(I'm short the stock)

One question I'm interested in is around GPU failures. Assume a client signs a contract for 24/7 uptime on 5000 Blackwell GPUs. At any given time some % of the fleet will be broken. How many GPUs do you keep on hand for replacement? How much "warm" capacity do you keep - GPU boxes that are up and online but just there to take over when one fails? With supply constraints do you ever have to tell the clients "3% of your capacity is offline and we have no ETA from Nvidia for replacements"?

@TheStalwart So physical AND social roadblocks. Great industry to be involved and invest in.

@TheStalwart Yeah of course, public opinion can be just bulldozed through that’s not really surprising

@TheStalwart @tracyalloway @branninmcbee Update:

@TheStalwart @tracyalloway @branninmcbee coreweave borrowed $7.5b against nvidia chips to rent nvidia chips to companies training models on nvidia chips. the moat analysis is just nvidia's p&l in a trenchcoat.

@TheStalwart Makes sense in that the number of municipalities to shop from is high, even within a particular region.

@TheStalwart He's right. Anti-datacenter politics is theatre. I've booked enough breakbulk cargo to know transformer backlogs are the real constraint. Try sourcing a 40MVA unit inside 12 months.

@TheStalwart @tracyalloway @branninmcbee They are CoreTrader and ready to be CoreExit