00:00And I want to get for our audience, really, Ron, how you define where you sit in the overall market,
00:04because right now, from what I understand, is you're a co-location offering. So we've got
00:09big hyperscalers, got neoclouds, and then we've got Flexential.
00:13That's correct. And thanks for the opportunity to catch up this morning, Caroline. It's really
00:18about the type of infrastructure that you deploy out there. Flexential is taking a very pragmatic
00:23view on making sure we're able to address the wholesale infrastructure, so the 1 to 20 megawatts.
00:29But also making sure that we're able to address the multi-tenant capabilities that are out there
00:34as well, because those are the companies that are going to be consuming the agentic AI capabilities
00:40that we're seeing to start to accelerate out there. So the landscape is starting to separate a bit,
00:46and Flexential thinks we've got a very strong position right down that fairway on that wholesale
00:51multi-tenant co-location marketplace. Ryan, that sounds like you want to be diversified.
00:56You don't want to just have one particular buyer calling you up saying, I will take
01:00100 megawatts from your future project. How are you hearing, though, from potential clients? Are
01:06they wanting you to be their sole provider, or you take entirety of their business in certain locations?
01:13Yeah, Caroline, you're spot on. We want to make sure that we're diversified in our customer base.
01:18And the simple answer is yes, we have companies that come to us and say,
01:22we want to take one of your whole data centers and put all of our GPU, TPU, XPUs in those facilities.
01:32That's just not where we're going to play. We want to make sure this multi-tenant ecosystem environment
01:38has a place out in the market, and our product set is just perfectly fit for that out there today.
01:44You talk about GPU, TPU, XPU. What is the constraint right now? For all of 2025, it felt like the narrative was it's the chips.
01:54But actually, then it became the power. Then there's worries about water. Where are you seeing some of the choke points?
02:00Yeah, I mean, it's really threefold. We see land, power, and supply chain. And supply chain being that of the mechanical infrastructure
02:10that goes inside the data centers. And so you have to be very focused on all three. And you're not just planning for 26 right now.
02:19You're planning for 28 through 30 because, you know, this dynamic marketplace and the consumption models that are out there,
02:26we've got to be very focused on the long-term gains and being able to provision this infrastructure to meet those requirements.
02:33So where does that infrastructure end up going? We keep talking about innovations, particularly in the inference side of things.
02:40And people have got anxiety about NVIDIA's role going forward as once the models are trained, they're being used.
02:45Is it still all about the GPU? Is AMD getting a look in? What's your client's demand?
02:51Yeah, and so it really depends on what the end customer is trying to use the infrastructure for.
02:57You know, let's not forget that right now we're shipping five CPUs for every GPU out there.
03:04And so this dynamic integration between the CPU world and the GPU world is really starting to form.
03:13And that's where this agentic capabilities, being able to use multiple services, is really starting to drive this demand growth.
03:21And, you know, when people talk about AI bubbles, I think we're still at the forefront of this AI consumption model to really start to put our hands around that.
03:32I think we've got a long runway to go.
03:34Long runway. What does that mean for your runway, Ryan?
03:36As we said, you're one of the biggest privately held operators.
03:40I assume you're not just getting calls from clients, but from companies that want to own a bit of your real estate.
03:45Absolutely. And so we're looking at this in, you know, five and 10 year horizons.
03:49And so, you know, we've got a firm path over the next five years for that land, for that power and supply chain.
03:57You know, we're buying out infrastructure to make sure that we're able to meet this growth trajectory out through, you know, 2030, 2032.
04:06Once you get out past that, it's a little bit hard to predict what this infrastructure is going to look like.
04:12You know, we're firmly entrenched with, you know, liquid to chip, liquid to rack and immersion cooling inside the facilities to meet these higher density deployments.
04:23But, you know, right now we're firmly focused on getting out to that 2030 to 2032 deployment strategy.
04:30So, you know, we're starting to fly.
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