aa60409d62966435d062835ddb2ef5ba9e2ca325

May 21, 2026 21:03 · 50:35 · English · Whisper Turbo · 6 Đầu ghi
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0:00
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
All right, we're here with Caden.
0:02
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'll give some context for the
0:06
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
listeners and people interested in potentially investing in
0:10
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
fuel cell energy.
0:11
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Long story short is I've been looking for the
0:15
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
next plume energy for a couple of months and very,
0:17
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
very intensively over the last month.
0:20
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And yesterday a subscriber sent me,
0:23
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
a subscriber on X sent me your post on X and I read it and I was like,
0:29
S… Speaker 4 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Holy shit.
0:29
S… Speaker 4 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Holy shit.
0:31
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is what I was looking for.
0:32
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So the context is while I was looking at alternatives to bloom
0:36
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
basically I realized
0:38
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
how much bigger this opportunity is to provide fuel cells to
0:42
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
data centers than I thought.
0:44
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And I also realized how there really is no alternative to Bloom.
0:47
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And when I asked people for an alternative to Bloom,
0:50
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
a couple of people obviously mentioned fuel cell,
0:54
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
ticker F -C -E -L.
0:55
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
But when I looked them up,
0:57
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
basically I saw zero data center deals.
0:59
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I saw zero proof that they have real life demand.
1:03
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And this was very confusing to me.
1:05
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Because obviously, we all know that the gas turbines are sold out
1:09
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
until 2030.
1:09
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So to me,
1:10
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
my simple mindset is,
1:12
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
every solution that is viable for data centers will be bought out.
1:15
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And then yesterday,
1:16
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
some of your posts,
1:17
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and long story short,
1:18
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they're now getting,
1:19
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it looks like they're getting a real deal.
1:22
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And that's freaking exciting.
1:25
S… Speaker 6 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It is,
1:26
S… Speaker 6 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it is, it is.
1:27
S… Speaker 5 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah,
1:27
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
fuel cell yesterday,
1:29
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
there was a government,
1:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
there was a government filing actually hidden about a week ago in
1:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the Fairfax County government website.
1:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And that T5 had submitted this filing,
1:40
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and it's a 60 megawatt fuel cell yard with a total of 76
1:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
megawatts of power in this data center.
1:47
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I had speculated over a week ago that I thought it could be fuel cell.
1:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
t5 actually has a partnership with brookfield who had a partnership with bloom
1:55
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and so i eventually was like maybe it's not it could just be bloom next
2:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
thing you know we go deeper into the filing they lay out some corrected plans and
2:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they're citing fuel cell energies investor materials their trinity
2:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
site megawatt deployment um in the in the filing right
2:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and so they they're all but confirming that they're going to be using fuel cell energy
2:17
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
for their fuel cells at this Fairfax site,
2:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which is their first ever data center site,
2:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
fuel cells' first ever data center site.
2:24
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And it's an incredible validation point.
2:26
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
T5 data centers is one of the largest data center operators in the world.
2:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And they've already deployed and operate over four gigawatts of data centers.
2:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So this stamp of approval is company defining.
2:36
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I've never heard of T5,
2:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
to be honest.
2:39
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The four gigawatts,
2:41
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they have deployed that much capacity.
2:43
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yes, they're operating four gigawatts of data center capacity.
2:47
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay.
2:47
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'm going to be super annoying.
2:49
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I want to verify every single step here because obviously people who look at
2:53
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the stock action of fuel cell energy will be very skeptical.
2:57
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I want to be insanely nitpicky in this podcast
3:02
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and just go through...
3:05
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The dog is loving it.
3:06
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
We're going to go through...
3:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
She might be better off than that other...
3:16
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay, let's resume where we left off.
3:18
S… Speaker 4 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay,
3:18
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
so basically T5,
3:20
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they have deployed four gigawatts of
3:25
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
capacity, so they're totally legit.
3:26
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They're in real life,
3:27
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
what are they,
3:28
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
an operator,
3:29
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
or what exactly do they do?
3:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They're a data center operator,
3:32
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and so they are already managing four gigawatts,
3:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
three to four gigawatts of capacity,
3:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
of data center capacity.
3:40
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They have 22 data centers that they've developed.
3:43
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So we're talking about one of the biggest data
3:47
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
center developers in the world putting a stamp of approval on a company
3:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
that previously had not done anything with data centers,
3:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but obviously has a pipeline,
3:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
as we know.
3:56
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay,
3:57
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
so just for context,
3:58
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Nebius currently plans to get to 4 gigawatts,
4:02
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and this company is already there today.
4:04
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And Nebius is a $40 billion company.
4:08
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay, so number one,
4:09
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
this is a huge player and it seems like they picked Fuel Cell.
4:13
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay,
4:14
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
what was the source?
4:16
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You said it was a government website.
4:18
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Can you describe that exactly?
4:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah, so it's the Fairfax County government website where
4:24
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they go in and they send in the filings,
4:27
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
all the different attachments they need to get approval for this data center.
4:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And so when you dig deep into their filings,
4:35
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you can see their proposed site layout,
4:38
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
their letter to the actual county.
4:40
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You see they discuss fuel cells in detail,
4:45
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
convincing the county that fuel cells...
4:47
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Fairfax is clearly one of the biggest emphasis is on community acceptance,
4:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right?
4:52
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And so your best way to get time to power and community acceptance
4:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
is through fuel cells.
4:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Low emissions,
4:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
low water usage.
5:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
very low noise it's about the same sound as
5:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you and me talking in a quiet office that's what those fuel cells sound like from
5:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
30 feet so they're incredibly quiet versus a nat gas turbine which
5:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
is incredibly loud
5:13
S… Speaker 3 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah.
5:14
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So for context,
5:16
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
for example,
5:17
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
in the Nebius Vineland data center that was built
5:21
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
by data one for Nebius,
5:22
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
people complained about very,
5:25
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
very loud noises from the gas turbines.
5:27
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So they said it was like obnoxious and crazy.
5:30
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So for people that think it's hard to imagine,
5:33
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
like the noise is an actual problem for people that live.
5:38
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
near those data centers and It really doesn't matter whether
5:42
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we care about it.
5:43
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This directly affects how quickly you can deploy So it's it's for
5:47
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if you want to deploy data centers for anyone to spend billions on them If
5:52
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you don't get the permits and you get social pushback,
5:54
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which is a huge challenge You're kind of screwed.
5:57
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So this matters.
5:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay, you won't be able to you won't be able to get the data set off the ground Yeah,
6:02
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it can kill the project.
6:03
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It'll kill your entire project,
6:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? Yeah.
6:06
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay,
6:07
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
so next question
6:09
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Who uploaded the documents?
6:10
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I know, I'm being silly here,
6:11
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but if I understand it correctly,
6:12
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it was a lawyer representing T5.
6:16
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It is,
6:16
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
correct.
6:17
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So the letter is a lawyer representing T5.
6:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's unclear who uploaded the rest of the documents,
6:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but it is somebody on the T5 slash legal,
6:28
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
either the legal team or the T5 team,
6:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
uploading these documents for the approval of the Fairfax County
6:35
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
site. And what I will note is that they have been working
6:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
with the Fairfax County since at least February.
6:42
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So when you look at the actual site plans,
6:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
there's two.
6:45
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
There's one original and one corrected.
6:46
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The first one's dated in February,
6:48
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the next one's dated in March.
6:50
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So what that means is likely they went from,
6:53
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we're working with Fairfax,
6:55
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we're discussing plans,
6:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we're making sure there's no red tape,
6:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
there's no deal breakers,
6:59
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? In February, they amended that document in March.
7:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So Fairfax gave them feedback,
7:03
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they amended that document in March,
7:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? And they made some changes,
7:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
whatever that may be.
7:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So what that implies is they've been working with Fairfax County for at least three
7:10
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
months.
7:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And so they have a kickstart on what that timeline should look like,
7:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which still is a bit unclear.
7:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I've had a follower recently reach out and tell me that the zoning approval comes
7:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
within 30 days of filing,
7:23
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which would mean we'd get an approval for zoning within early
7:27
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
June, which would be unbelievable.
7:29
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
But that's the picture of what that filing looked like,
7:33
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
who sent it in,
7:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and what's in those filings.
7:38
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
okay gotcha and yesterday when I shared
7:44
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
your post but only with subscribers and then I told them
7:49
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
verify for yourself,
7:50
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I haven't checked it yet,
7:52
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if it's true or not.
7:52
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And a couple people were like,
7:53
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
oh, I put it into Gemini,
7:55
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I put it into JGBT,
7:56
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's not yet confirmed,
7:57
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it might be Bloom.
7:58
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
No, I just want to say,
7:59
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
no.
7:59
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
In the filing,
8:00
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you can literally go to attachment and you see,
8:03
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
not just the machines,
8:04
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you see the freaking logo of FuelCell.
8:06
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's 100 % FuelCell.
8:08
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is confirmed.
8:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They put not only their logo of like their investment.
8:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So they created,
8:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the reason why I figured this out is because I've looked at all of their investor presentations for
8:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
quarters on end.
8:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And somebody sends me a photo of this slide and I
8:23
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
go, where are you finding this?
8:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
What investor presentation is this from?
8:26
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I don't recognize this slide.
8:28
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's a little crazy of me that I can remember these slides,
8:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but I remember because I've been really on top of this company.
8:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I really believed in this story.
8:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And next thing you know,
8:38
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's in a government filing.
8:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So they created this slide for this filing.
8:41
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which is showing they've previously gotten air permit permissions
8:46
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
in Connecticut.
8:46
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And they're also citing in the filing,
8:49
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they're showing one of Fuel Cell's current deployments in
8:53
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Trinity.
8:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It is just clear as day.
8:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
People aren't reading.
8:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's kind of frustrating.
8:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I have people in my comments being like,
9:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's Bloom Energy,
9:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the specs don't match.
9:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'm like, the specs actually match perfectly.
9:03
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's literally them.
9:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They match perfectly because...
9:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
That's how I speculated this from the beginning.
9:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The specs matched perfectly.
9:12
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
People are so skeptical.
9:14
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I also compared yesterday.
9:15
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
People are so skeptical now in the age of AI slop.
9:17
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I understand.
9:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's insane.
9:19
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
People are so skeptical now that you can literally,
9:21
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
like, the filing literally shows their logo.
9:23
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like, nah,
9:24
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's blue.
9:25
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You know,
9:26
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's crazy.
9:28
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
With AI, you should use it in your workflows.
9:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'll make it quick.
9:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You should use it in your workflows,
9:32
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but you can't rely on it,
9:33
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? And it's just unbelievable.
9:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Read for yourself.
9:35
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I beg of you guys.
9:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Just for a few minutes.
9:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You know, it's out there.
9:38
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Verify the actual company.
9:39
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay. Exactly.
9:40
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay.
9:42
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So this is maybe a weird start,
9:44
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but I think it's important for viewers to understand.
9:46
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay. This is why literally this company now
9:50
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
appears on the fuel cell provider list.
9:54
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like this is now one of two companies that
9:58
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
is a public...
10:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
U .S.
10:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
listed provider of fuel cells that now has
10:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
a confirmed,
10:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
at least one or of course more,
10:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
probably more orders from data centers.
10:10
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
There's two companies.
10:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
One of them is Bloom Energy,
10:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
an 80 billion dollar company,
10:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and the other one is Fuel Cell Energy,
10:17
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
F -C -E -L,
10:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
a one -bill dollar company.
10:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So Bloom is 80 times bigger.
10:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now I think it's good at this point to,
10:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
now people get why we're interested.
10:27
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now I think maybe we zoom out a little bit.
10:29
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Just really,
10:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
really quick.
10:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It might be weird for you to understand.
10:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Why are we so freaking excited?
10:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like, okay,
10:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
okay, chill,
10:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
guys. It's 16 megawatts.
10:38
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's not that big of a deal.
10:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I think what's worth mentioning here is that OpenAI alone,
10:43
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
until 2030,
10:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
they want to get to 100 gigawatts of capacity.
10:48
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Let's do a simplification here.
10:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Just assume all the hyperscalers and all the Frontier Labs together.
10:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Let's say they want to get to 500 gigawatts.
10:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And I personally would assume that 80 % of that will be for inference.
11:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I think we're looking at 400 gigawatts for
11:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
inference.
11:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And now,
11:07
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I don't know,
11:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
what would you guess?
11:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like how much of that can actually be supplied by the grid?
11:12
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think there's such a grid backlog and also
11:17
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the regulatory concerns around using the grid that I believe you're
11:21
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
going to see on -site power generation mandated for most data centers
11:25
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
in the United States.
11:26
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Hasn't Trump already passed a similar law to that?
11:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
A couple of days and weeks ago,
11:32
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
there were many government pushes towards bring your own power.
11:34
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Have you looked into the exact details there?
11:37
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
i'm not in the exact details but bring your own power is is the name of the
11:42
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
game and it will be the name of the game for the next five years at the very
11:46
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
minimum if you want to get a data set online you need to get to
11:50
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
bring your own power it's that simple you cannot just use the grid for your for your power so
11:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if you if we assume you need an additional 400
11:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
gigawatts again for people to compare this one gigawatt is roughly one
12:02
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
nuclear power plant so we're looking at in the next 3 .5 years
12:07
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
400 nuclear power plants of power for data centers.
12:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I mean,
12:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
this is fucking mind blowing.
12:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is unheard of.
12:14
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The only country in the world that kind of understands these dimensions is probably China with solar,
12:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but that's a different story.
12:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
We're not there yet.
12:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So how much would we estimate of that will be
12:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
coming from bring -your -own -power solutions?
12:27
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'd say at least half,
12:30
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? Okay,
12:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'd say half.
12:31
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So we're now at 200 gigawatts for inference over
12:35
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the next 3 .5 years.
12:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now,
12:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if we go through the solutions,
12:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
okay,
12:40
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
again,
12:41
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
this is for inference.
12:42
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is not for training.
12:43
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is not just for inference.
12:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And for inference,
12:45
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
proximity to your end user is quite important.
12:49
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think,
12:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Caden, are you pro or anti -nuclear in general?
12:54
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I'm pro -nuclear,
12:55
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
for sure.
12:56
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think there's a lot of very promising
13:00
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
developments in nuclear,
13:02
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but we're very far away.
13:03
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah,
13:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
me too.
13:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now,
13:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we're both pro -nuclear.
13:07
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Would you want to live close to a nuclear power plant?
13:10
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I wouldn't.
13:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
This is the problem with nuclear.
13:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Everybody that is pro -nuclear,
13:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
us included,
13:16
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
does...
13:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Nucleus aren't those things,
13:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's great, but not in my backyard,
13:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right? Exactly.
13:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So this is an issue.
13:23
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And now,
13:24
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if you look at, and again,
13:26
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Nebius followers will be very on top of how big of an issue this is in
13:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Vineland.
13:30
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
with the Data1 data center.
13:32
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
If you look at the pushback data centers are getting for fake
13:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
reasons like water usage,
13:38
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
which is basically zero,
13:39
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
like it's a giant meme on X right now,
13:41
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but it still creates so much pushback.
13:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And now the gas turbines and the emissions.
13:45
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now imagine the pushback if somebody wants to make a freaking nuclear power plant,
13:49
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
even if it's a small one from,
13:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
let's say, OCLO or SMR or whatever.
13:52
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like,
13:53
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you don't want that in your neighborhood.
13:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I think nuclear,
13:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
because inference data centers,
13:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
have to be as close as possible to the end users i think nuclear is honestly
14:02
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
not as good of a solution as people might think even if it's from
14:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
a physics point of view makes sense so the next option would of course be gas turbines
14:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
next problem sold out until 2030 and
14:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's 2032 at this point yeah so they're sold out they
14:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
are very popular because they're
14:21
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
on a price per megawatt they're i think the most efficient if
14:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
i understand it correctly but the problem is they're fucking dirty you're literally
14:29
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
burning gas like yeah so it's
14:33
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
very bad and you need air permits and the air permits can often lead to delays of 6
14:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
to 18 months and again getting the air permits is a big problem especially
14:41
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
when you're close to people if you're doing it somewhere in texas
14:46
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
i'm sure people don't really give a shit but if you're doing it
14:50
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
In an industrial data center,
14:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
close a lot of people,
14:52
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
people do care.
14:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And again,
14:55
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
what you mentioned as well,
14:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the noise.
14:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So that's a problem.
15:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
We saw with Nebius,
15:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
now they had to switch from that.
15:02
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They just switched from gas turbines to
15:07
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
fuel cells from Bloom.
15:08
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And they probably paid a fucking fortune.
15:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Like it's like 2 .8 billion something over 10 years.
15:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Product plus services,
15:14
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
2 .7 billion.
15:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I mean,
15:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
that's a shit ton of money.
15:17
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
But that's how much it's like,
15:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
okay. So next solution would be solar and wind,
15:23
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
basically renewables,
15:24
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
plus batteries.
15:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
What's your take on that?
15:29
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
You know,
15:30
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it's possibly a solid option,
15:33
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but I don't find it to be nearly as competitive or as compelling as
15:38
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
fuel cells or even that gas turbines,
15:40
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
honestly.
15:40
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think,
15:42
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
again, we'll talk about fuel cell in a minute,
15:44
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but fuel cells also get paired with battery energy storage systems.
15:49
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I do believe that we don't have the same solar technology and
15:55
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
also the scale of China,
15:57
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and so it's not as viable of an option.
15:59
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Our whole solar ecosystem is underdeveloped,
16:02
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and it takes many,
16:03
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
many years to develop that ecosystem to support the scale of the
16:08
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
data center deployments we're going to see over the next three to five years.
16:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think there's probably a lot of money to be made in the
16:16
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
best names like EOS,
16:18
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Fluency,
16:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
T1,
16:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
all of them have gotten a lot of hype on X.
16:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And I think all of them have their place and the reality is we need as much as we can.
16:29
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
But this will help us
16:35
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
with a few gigawatts,
16:36
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right?
16:37
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And the second thing is...
16:41
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I don't think there is reliable,
16:42
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
if you need 24 -7 stable energy.
16:45
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
In some places,
16:46
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you don't have wind.
16:47
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
In some places,
16:48
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
you don't have enough sun.
16:49
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Throw wind out of the window.
16:51
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Throw wind out of the window.
16:52
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Wind is not even a viable option for data centers.
16:54
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
We could throw that one out.
16:55
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Trump hates wind anyways for whatever reason.
16:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
And he hates solar.
16:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I won't be very pro -solar,
17:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
but anyways, he is who he is and he hates it.
17:02
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The other problem is
17:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
that, of course, you need way more land.
17:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Right way you need way more space.
17:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I mean,
17:12
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
that's okay.
17:13
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's ignore wind But I think there's all smart people who are like massive supporters of
17:17
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
solar including Elon But how if you have like a tight space like
17:22
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
how are you gonna power it with solar like yeah?
17:25
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So basically we're left to like like a hundred
17:29
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think it's a small fraction of in terms of megawatts
17:33
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
per acre with solar that you're getting from fuel cells like a
17:37
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
small fraction
17:40
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Fuel cells are that much more efficient in space,
17:42
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
right?
17:43
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It's unbelievable.
17:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So I think we can agree that all of these things have their
17:48
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
place when it comes to taking pressure
17:52
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
from the grid.
17:53
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The grid itself,
17:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
of course, should be expanded.
17:56
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Nuclear power plants have their place for training and maybe also for inference in some places.
18:02
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Overall, it seems like the best solution is fuel cells.
18:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
If you look at the stock price of Bloom Energy,
18:09
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
the market seems to go fucking crazy for it.
18:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
The stock is up like 1 ,400 % in one year because people are paying
18:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
it forward massively because people that research this
18:19
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
understand, oh shit,
18:20
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
this is where we're going.
18:24
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
We also see this recently kind of verified with Oracle
18:28
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
switching in a big data center for five gigawatts.
18:33
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
How much was it?
18:34
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think it was their Arizona data center.
18:37
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
They switched from NatGas turbines to Bloom Energy's fuel cells.
18:41
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
I think it was 1 .4 gigawatts in that specific site.
18:44
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
How long ago was that?
18:46
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Less than four weeks ago.
18:49
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Okay.
18:50
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So one month ago,
18:51
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
we see Oracle switching from NatGas turbines.
18:54
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
to fuel cells.
18:55
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Now, we just saw Nebios yesterday.
18:57
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Was it yesterday?
18:58
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
One or two days ago.
19:00
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Oh, it was yesterday.
19:01
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah, I don't sleep enough.
19:02
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It was in the morning.
19:04
S… Speaker 2 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It was in the morning.
19:04
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
Yeah, but basically,
19:05
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
yesterday Nebios announces,
19:06
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
and a lot of people in the Nebios community have correctly guessed this for a while
19:11
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
before it happened, that they will also switch from natural gas to fuel cells.
19:15
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
So this trend here...
19:16
S… Speaker 1 (aa60409d62966435d062835ddb2ef5ba9e2ca325)
It makes sense logically and we see it now verified,

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