Someone told me this morning that the business model for co-location companies is broken. That genuinely made me laugh. If anything, the economics keep getting better. Why? Because there simply isn’t enough power available for AI infrastructure right now. We are massively short power, and any good analyst following this space knows it. So why are these stocks down so much? Simple. They’re all being traded in the same basket. That won’t last forever. Eventually, the real operators will separate themselves from the pack. That’s how every new industry evolves. Wall Street isn’t questioning whether these companies can sign contracts. Everyone is going to sign contracts. There’s too much demand chasing too little available power. The real question is: Who can actually build the data center on time, on budget, energize it, and start collecting rent? That’s what the Street wants to see. Who are the players and who are the fakers? Contracts are one thing. Execution is another. Once the revenue starts hitting the income statement, cash starts flowing, and investors can see the economics in the actual numbers, the conversation changes completely. For some companies that signed contracts 18 to 24 months ago, I expect that inflection to start becoming visible by the end of Q1 next year. That’s when we should begin seeing separation. Until then, enjoy the process. Don’t overcomplicate it. Power. Contracts. Construction. Energization. Revenue. Separation. This isn’t rocket science.