Jefferies moving forecasts by GW over the course of weeks! "Satellite imaging data now points to ~27 GW of data centers by '27 (up from low-20s just weeks ago) and we see SPCX as single-handedly skewing estimates higher." GW seems like a tech spec vs massive infrastructure project but for example, going from 20-> 27GW: -+$350BN capex -+$560BN monetized inference opportunity (illustrative) -7 San Franciscos worth of power It's a crazy time cause sellside and buyside treat these inputs very flippantly when in reality they are MASSIVE What is clear, though, is the project-level trackers (e.g., SemiAnalysis, Aterio, etc.) increasingly seeing huge lines of sight. Few months ago I would've told you impossible to get ~30GW/yr but it seems like construction trends point to that being true (on a facility basis) for 2027 and 2028. Just because it's under construction and scheduled to come online mean it hits the target, but clear the ambitions and tracking of real construction progress continue to move up... *Not going to dive into the separate debate about what level of GW is needed, etc.