“We need leaders, not managers.” – @MarshaBlackburn From Bitcoin as a strategic reserve to AI governance, we were privileged to be joined by the senator and CEO of @CleanSpark_Inc, @smatthewschultz, to kick off Imagine IF by diving into why freedom must be at the center of innovation.

Class of 2028 6’6 Wing Ethan Schultz with a great showing at the Utah top 50 showcase! 19 PPG and scoring at all 3 levels! Great motor and work ethic! Gonna be a great next level player! @eadampeek @Ethan_Schultz35 @JUCOadvocate @UtahTop50League

MICROSOFT PLANS 3X DATA CENTER EXPANSION $MSFT plans to expand its global data center capacity from roughly 12 GW today to more than 38 GW by 2032, adding about 26 GW of capacity. AI-specific compute is expected to grow from around 2 GW today to roughly one-third of total capacity by 2032, or about 13 GW. The 38 GW target excludes compute rented from neoclouds such as CoreWeave. The expansion comes after capacity shortages forced Microsoft to restrict some cloud subscriptions and turn away AI and cloud business. Microsoft spent $145B in capex last fiscal year and has $329B in future data center lease commitments. Source: Bloomberg

The railroad decided which towns got left behind. Data centers are the new tracks. $50K teacher bonuses. Property tax bills cut to zero. Energy rates locked in. This is what happens when a town says YES.

Following Hut 8's rather diabolical Friday-afternoon-before-Labor Day tweet that their Beacon Point project (the ~1GW gross, 704MW IT load campus leased to NVIDIA) received a conditional "Base Load" classification from ERCOT, I'd imagine early next week we get a flurry of similar updates from the other public data center developers building in Texas. In particular, confirmation of "Batch Zero - Base Load" for certain $CIFR $CLSK $CORZ $GLXY projects could be a catalyst for this broader bucket of names as it takes the projects closer to final authorization to energize, and likely removes any doubt as to whether the projects can be commercialized via a tenant lease. As the Hut 8 - NVIDIA lease showed, projects that were (i) approved by ERCOT prior to the Batch Process but (ii) are still subject to the Batch Process (because they have not yet been energized) can in fact be leased.. Yet the confusion caused by the hodge-podge of Batch Zero definitions, process steps, and ongoing delays in implementation of the Batch Process itself has definitely been an overhang on these stocks. Taking a step back, ERCOT's Batch Process was established in response to the overwhelming amount of load requests from data center developers (and speculators) seeking to connect to Texas's grid (400GW+ total..!). Rather than approve or deny each request separately, ERCOT's Batch Process studies all of the projects as a group to understand and allocate grid and transmission capacity. Late last week, ERCOT provided classifications on requested loads to transmission service providers (who then pass along those classifications to the relevant data center developer behind them). In short, a "Base Load" classification is the best outcome, and indicates that ERCOT has treated the project's existing studied power allocation as valid and effectively reserves the capacity for it. "Base Loads" are essentially grandfathered in. (Note that ERCOT had previously approved certain loads prior to the Batch Process being formalized. "Base Load" classification on these is more or less a reaffirmation of the prior approval.) "Studied Load" means that the project is eligible for the first "batch" of interconnection approvals (Batch Zero), but the requested power is not reserved or guaranteed as it requires further evaluation. "Studied Load" could result in full, partial, or no approval of the requested MWs. "Excluded Loads" are not eligible for Batch Zero and must wait to apply through a future ERCOT Batch Process. To summarize on $CIFR $CLSK $CORZ and $GLXY's Texas projects: - $CIFR hinted that its Colchis (1GW gross), Mikeska (500MW), and McLennan (500MW) sites are expected to receive "Base Load" classification, noting on its August 4th earnings call that "All three sites have necessary deposits funded, land secured, and their requisite studies and executed FEAs were submitted to ERCOT on time. We have strong conviction that all three sites will be included in Batch Zero." $CIFR also stated its 900MW Apollo project and 200MW expansion at Stingray "have been submitted as studied loads in Batch Zero." - $CLSK's Sealy site (285MW) came with existing ERCOT approvals when acquired in 2025. Similarly, 300MW at its Brazoria campus received ERCOT approval in 2026 before Batch Zero was formally effective. The second phase at Brazoria (another 300MW) is expected to be either base or studied load in Batch Zero. - $CORZ's 430MW at its Hunt site was approved in 2024, and a portion has already been leased to AMD (indicating a Base Load classification is highly likely). For its 300MW of requested expansion at its Pecos site, $CORZ did not provide explicit classification guidance. - $GLXY's 830MW (gross) of incremental power at Helios (Helios II) was already approved by ERCOT in January (before the Batch Zero process was codified), and the company labels it as "available to contract." As such, I view a "Base Load" classification as extremely likely. With respect to Galaxy's Caspian site, the company stated on its August 5 earnings call that "Caspian has a potential total gross power capacity of 700 megawatts and is eligible for Batch Zero Base Load classification based on the milestones we've already completed, including executed interconnection agreements and the posting of known and identified required financial commitments for transmission and distribution upgrades. That puts Caspian on one of the most advanced development paths within our expansion portfolio." Accordingly, I think a "Base Load" classification for Caspian is highly likely as well. Galaxy's Helios III (1GW) and Selene (900MW) are expected to be "Studied Loads." $CIFR $CLSK $CORZ $HUT $GLXY