After rereading the Q2 earnings transcripts for the AI data center developers (e.g. powered shell providers, including $APLD $CIFR $CLSK $CORZ $GLXY $HUT $RIOT $WULF).. The message was pretty consistent across the board. Demand for big blocks of data center capacity from a variety of tenant types (hyperscalers, neoclouds, frontier labs, NVIDIA and AMD directly, etc.) remains strong. A handful of examples: - Applied Digital (APLD): "(We) expect.. new capacity to command higher pricing. We expect (expansions at our existing campuses) to be executed on.. materially higher lease rates than the existing leases and possibly longer duration.. We've seen other contracts out. It's great to see pricing moving up in the industry. Just gives a really strong indicator of where demand is out there." - Cipher Digital (CIFR): "The demand environment is very strong and extending.. I have never seen a better environment for us in terms of how lease terms are evolving with higher rents, longer time periods, triple net structures, etc.. The demand environment has never been stronger.. We want to make sure we strike the best possible deal. Best possible deal includes both great structures, great terms, long-term leases, triple net structures, high rental rates.. It's just a matter of getting to a place with picking our dance partner. I expect all those available megawatts will end up leased." - CleanSpark (CLSK): "We see the demand profile on the tenant side of the house continue to be relentless." - Core Scientific (CORZ): "As we look at the demand picture really for developers that are having direct conversations with the counterparties that can sign contracts right now, it's really starkly contrasted against what you're seeing in the media headlines. What we're seeing on the ground is still a significant amount of demand coming out of the hyperscale channel and the AI labs. I think in terms of what we're going to see over the coming months and through the remainder of this year are continued new deal announcements as it relates to large scale infrastructure commitments." - Galaxy Digital (GLXY): "Probably most importantly, while forward market demand for power and compute is stronger today than it's ever been, forward market supply of new projects, while ambitiously headlined, is very quickly being constrained now by both physical delivery and political headwinds." - Hut 8 (HUT): "Demand is robust from all the conversations we've had. Demand is real. Demand is there. Everyone wants capacity yesterday." - Riot (RIOT): "Following our first data center lease with AMD earlier this year (at Rockdale), demand for large-scale data center capacity has continue to accelerate. At Rockdale, subsequent to quarter end, we executed a lease with one of the world's leading frontier AI labs (Anthropic) for 191MW of critical IT capacity.. At Corsicana (RIOT's other campus), interest in our 1GW of utility power has been substantial. From a broad field of prospective tenants, we have narrowed our focus and entered into a non-binding letter of intent with a single tenant for the entirety of the site." - TeraWulf (WULF): "At our Muskie site (the site TeraWulf is currently in market to lease), we have the most active data room we've ever had, and with world-class credits as potential customers." $APLD $CIFR $CLSK $CORZ $GLXY $HUT $RIOT $WULF