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@ilzmcfly @clockworksantos That's why I opened the full Morgan Stanley TMT Conference transcript from two different sources, but couldn't find it

@clockworksantos @Ferrari1735 An Ai Bull (Daniel Koss) told us that Gemini is a great source of information so I used it. It says it right there Morgan Stanley TMT Conference

The "Permit Wall": Why Nebius’s $17B Microsoft Deal is Stalled in Jersey 1/ A lot of noise lately about $NBIS delivering its "first tranche" to Microsoft. But look closer at the New Jersey (Vineland) buildout. Despite the hype, the flagship US site is currently a 300MW collection of expensive paperweights. Here’s why. 2/ The Neel Khokhani post is the smoking gun. DataOne (Nebius’s partner) filed for Air Permit PCP250002 in Dec 2025. As of today, April 19, 2026, it is still PENDING. 🛑 No permit = No power. 3/ You might ask: "Didn't they deliver 50MW to Microsoft already?" Yes, but NOT from New Jersey. Arakady confirmed From the March 4, 2026, Morgan Stanley TMT Conference a update that they pivoted to their Mäntsälä, Finland site (expanded to 75MW) to meet the first milestone. New Jersey was supposed to be the source, but it wasn't ready. Arkady: "It allowed us to deliver the immediate compute requirements while we finalize the larger-scale deployments in North America." 4/ Why can't they just turn the GPUs on? 🔌 The Vineland grid can’t handle a 300MW load. The site relies on "behind-the-meter" Mainspring natural gas generators. Under NJ law (N.J.A.C. 7:27-8), you cannot legally operate these without an approved Air Permit. 5/ The NJ DEP isn’t budging. They’ve issued at least two Technical Deficiency notices since Feb 2026. They are questioning emissions data and the "single source" impact on the local environment. This isn’t a rubber-stamp process. 6/ Add to that: Civil Opposition. 📢 Residents 1+ mile away are already filing noise complaints from construction and unauthorized testing. In NJ, "noise" and "air" are linked. Public protests in late March have put the DEP under a microscope. They won't rush an approval now. 7/ What this means for $NBIS: Revenue: Full annual run rate from Microsoft is now pushed to 2027. Delays: If the DEP rules them as a single source the projectwould likely blow past the "Minor Source" limits and trigger Title V (Major Source) requirements. A Title V permit can take 12–24 months longer to approve and requires much stricter federal oversight. 8/ The Bottom Line: Nebius is "shell-complete" in Jersey, but "power-dead." Until that PCP250002 permit moves to "Approved," the GPUs stay dark and the $17B deal stays on a slow-drip from Europe. 📉 9/ Watch the NJ DEP Bulletin on May 6, 2026 for the next update. Until then, any claim that the US flagship is "fully operational" is pure hopium. $NBIS $IREN $CRWV x.com/neel_epochal/s… ft.com/content/f2bae7…

@MB_Hogan @ilzmcfly Hey Mark, couldn't find such quote (the screenshot) in fiscal.ai/seekigalpha transacripts btw, do you know more?

@ilzmcfly I read your post, but you're leaving out the rest of the quote, Nebius direct denial of any future delays at Vineland

@ilzmcfly What's the source of this? I was reading the transcript on fiscal.ai and seekingalpha, but couldn't find it

Arkady Transcripts at Morgan Stanley TMT Conference

@EndicottInvests Hope they never fix it. Easy way to spot who knows the company and whose opinion is not even worth reading

There are still massive accounts that think $NBIS is Yandex $NBIS hasn’t even had 6 full quarters yet. They were relisted in October of 2024. Still early..