Hyperscale clouds + $META account for ~75% of incremental GW coming online in 2026-2028, and I expect them to have even larger share of projects that are successfully approved, completed, and delivered on time: 1) ~1/3 of incremental GW to be added are expansions of existing campuses, Phase II of projects partially completed, or densification of existing facilities. These projects face fewer permitting and power hurdles than greenfield projects. 2) The clouds dominate the secured power pipeline, and this will continue for the foreseeable. Utilities, IPPs, or BTM fleet operators who are building the power systems for DCs need financing. It is infinitely easier to finance a project with $MSFT $AMZN $GOOG $META as a tenant and a long-term contract than with any other party. 3) Neocloud and spec developer deals face a structural adverse selection problem, since the preferred partner for any project is a hyperscaler, and will on avg face more permitting, power, and supply chain problems. 4) The Hyperscalers have been building large DC projects at massive scale for a long time. They know what they’re doing. Only ORCL, CRWV, and Xai have built >1GW, outside of the big 4. Note: the below is from data that I track