Favorable treatment off the balance sheet hinges on some convenient assumptions.

**Soundtrack: Queens of the Stone Age -****_First It Giveth_** **Before we go any further:** This is, for the third time this year, the longest newsletter I've ever written, weighing in somewhere around 18,500 words. I've written it specifically to be read at your leisure

In the last week, we’ve had no less than _three_ _different_ _pieces_ asking whether the massive proliferation of data centers is a massive bubble, and though they, at times, seem to take the default position of AI’s inevitable value, they’ve begun to sour on