Look, you know, the bet on smoothing out the cycle — New Business Models, five deals done, three in the April quarter, two after. Quite frankly, $511 million in advances sitting as contract liabilities, firm financial commitments behind them. I mean, the honest limit: not a single counterparty named in the filings. Hyperscale buyers fit the data center growth, but that's our inference, not a disclosed fact. We're trading quarter-by-quarter price negotiation for multi-year volume. We'll see if the durability holds when the next cycle turns.
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