Quick note from GEV @ MS Laguna & BE Read-across GEV added another 12GW of 2030–31 gas turbine supply over the summer, and basically all of it is already being contracted. They’re also already selling 2032 slots with cash commitments. That makes the cycle look longer than we would have expected a couple quarters ago. At the same time, GEV is expanding capacity targeting ~5GW/qtr in 2H26, 6GW/qtr in 2H27, and potentially 7GW/qtr in 2028, mostly within the existing factory footprint through automation. This is also a useful BE read-through: Longer turbine lead times keep the time-to-power problem alive, while SOFC has its own advantages around modular deployment and potentially easier air permitting versus conventional combustion. BE obviously isn’t the only BTM option, but if power stays this tight into 2030–32, faster-to-permit and faster-to-deploy solutions should matter more.