We asked Patty Poppy how they navigate a really really narrow road. >> We have a a perfect solution and it's called the simple affordable model. It allows for infrastructure investment that then is offset by operating maintenance cost reductions which we've delivered significant cost savings over the last several years.We have load growth that helps more fully utilize our assets. And then improving credit metrics results in uh lower cost financing that has allowed us to actually lower rates for customers. I ...

OpenAI has gone wild with compute deals this year, committing to spend far more than its balance sheet can currently sustain. So who takes the fall if it can’t pay? It won’t be Altman. https://t.co/Qgkxsy4us9 (Photo: Brendan Smialowski/AFP via Getty Images) https://t.co/Y2SSVhauyF ...

Company Overview & Funding - Crusoe's valuation has more than tripled in less than a year, reaching over $10 billion [1][6] - The company raised $1.4 billion in its latest funding round with investors including Peter Thiel's Founders Fund, Salesforce Ventures, and Nvidia [1][6] - Crusoe's core mission is accelerating the abundance of energy and intelligence [4] - Crusoe is named after Robinson Crusoe, embodying innovation with resources [18] AI Infrastructure & Energy Demand - The AI boom is driving tremendous demand for power, inspiring innovation and capital investment in the energy sector [5] - Every customer is compute constrained, leading to bottlenecks in chips and energy infrastructure [17] - Long-term commitments (15-20 years) are being made to build AI infrastructure [8] - The most uncertain question is the depreciation schedule for chips due to rapid hardware releases [10] - There is still tremendous demand for historical and legacy generations of chips, not just the newest ones [10][11] Energy Strategy & Location - Crusoe takes an energy-first approach to building infrastructure, locating in areas with abundant energy [18] - Crusoe built in Abalene, Texas, a market with abundant renewables and negative energy pricing [19] - Mega-scale AI infrastructure projects are being built in energy-rich locations like Texas, Louisiana, and Wyoming [20]

DePIN & Cloud Computing - Cloud outages highlight the distinction between compute and the internet, emphasizing the need for decentralized solutions [1] - Beamable Network is constructing a Compute Capital Market on Solana [1] - Beamable Network operates as a Decentralized Physical Infrastructure Network (DePIN) [1] Tokenization & On-Chain Trading - Capacity within the Beamable Network is tokenized, enabling its trading on-chain [1] - Tokenized capacity is streamed to applications in real time [1]

Model Development - The process of developing models requires more compute resources [1] - The focus is not solely on increasing model size [1]

Investment Opportunities - The best investment ideas are often the current or most recent ones [3] - Investing along the compute spectrum is a viable strategy [4] - Nvidia is expected to continue compounding over the next three to four years due to the ongoing need to build out compute infrastructure [3] AI and Compute Constraints - Compute resources are expected to be constrained for the next several years [3] - Increased compute capacity could significantly boost revenue for companies like OpenAI [3] - AI development is an existential and national security matter, requiring continuous advancement [3]

Industry Perspective - The 21st century's most important commodity is compute, crucial for activities like Bitcoin mining and AI model training [1] - Investors who understood energy in the 20th century built massive fortunes, suggesting a similar potential for those understanding compute in this century [1] Company Mention - HIVE Blockchain Technologies' Frank Holmes highlights the importance of compute in the modern era [1]

Compute Infrastructure - Compute is considered the base layer for a broader technology stack [1] - Downstream protocols are expected to benefit from compute infrastructure [1] Related Technologies - Interconnect and storage layers are likely to benefit [1] - Dataset markets are likely to benefit [1] - Verification/oracles are likely to benefit [1] - Identity for access control is likely to benefit [1]

Strategic Partnership - AMD's deal with OpenAI is structured as a win-win for AMD, OpenAI, and AMD's shareholders [1] - The partnership focuses on rapidly deploying significant computing power [2] - AMD views OpenAI as a deep partner in building out a large-scale computing vision [3] Financial Implications - AMD anticipates increased revenue and earnings as OpenAI purchases chips [3] - The company expects the deal to be accretive to shareholders from day one [3] Confidence and Commitment - AMD expresses full confidence in OpenAI's capabilities and commitment [2] - AMD is committed to working with OpenAI to achieve their shared goals [3]

Energy & AI - Countries controlling compute will control AI [3] - Compute is impossible without energy [3] Renewable Energy Potential - Norway's wind turbine utilization rate is approximately 80% [1] - Norway could potentially supply energy equivalent to the entire United States by deploying 5x the wind power of its hydro capacity [2] - There is untapped energy potential beyond nuclear [2] Nuclear Energy - Nuclear energy is considered incredibly safe [2]