Everyone is running from neoclouds. I'm looking at the landlord. The bear case on CoreWeave $CRWV and the rest is real. Billions in debt secured by GPUs that may be worth half as much in three years, bonds yielding near 16%, and a handful of customers holding up the whole thing. But notice who carries that risk. The company that buys the chips. $BGDE doesn't. It owns energized grid power, 169 MW across four sites with a path to 266 MW, and the tenant brings the GPUs. Its Hood County JV signed an LOI with Tensor IQ for 7,748 B300s at a site that's already live, with about $546M of potential power-lease revenue over 15 years. In a cycle where everyone is short on power and long on debt, I'd rather own the plug than the chip. Management owns a big chunk of the company. It's tiny, it still burns cash, and the LOI isn't binding yet. Nov 5 earnings will tell us a lot. But if the neocloud shakeout happens (even in a less drastic way than the market is starting to price in), the survivors still need somewhere to plug in. This is how I’m playing the AI buildout.