“So when you combine those things together, we are extremely confident in both the capacity we delivered and the continuing increase in profitability of our AI business.”

In context

“r and it has four data halls, and I deliver the first data hall. That one is profitable. The reason we are not even more profitable right now, despite the fact that we are continuing to grow EPS, etc., is because we have so much under construction at one time, and we have some expenses for those things. Now we are really good at that. We are very, very good at minimizing the time under which that construction is happening. We are very, very good at reducing those costs during that time period. But they are not zero. And so as our business is going through this hypergrowth phase, that is the only drag on profitability. But, thankfully, we are very good and getting better at delivering that capacity. That capacity, when we deliver it, is all already contracted for at a very profitable rate. So when you combine those things together, we are extremely confident in both the capacity we delivered and the continuing increase in profitability of our AI business. Mike Cecilia: Mike, want to talk about sovereignty? Yeah. So sovereignty, as I mentioned earlier, I think we are very well positioned. A year ago, sovereignty was about data sovereignty, and there were some faux solutions in the market where there was sovereign data from a primary perspective, but the backup was maybe somewhere else, maybe in another country. Of course, that is no longer acceptable. Sovereignty is about sovereign data, sovereign operations, and even sovereign contracting. Our Alloy model is perfectly positioned to deliver on all three of those things. And by delivering full-stack solutions—again, the big difference between what we are doing with sovereignty and what some of our competitors are doing—we are not simply putting an edge sovereign zone in. We are putting full-”