ali lukunku
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🧵 Some things the market may be missing on $NBIS Vineland: 1/ Day after Q1 earnings, Nebius quietly signed a $2.6B Bloom Energy fuel cell deal — 250MW guaranteed, 328MW installed, 3 phases over 10 years. No IR announcement. This appears to be a pivot away from Bergen engines as the primary power solution. 2/ Bergen has faced a difficult permitting process. Air permit PCP250002 received two formal technical deficiencies. April approval is conditional only — N+5/90% load cap to control acrolein. No final Certificate to Operate. Stack testing still pending. 🔗 Full permit record: docminer.nj.gov/DocMiner/pi/75… 3/ Site is running on Mainspring linear generators as interim power. On March 10, 2026, the Cumberland County Health Department conducted a noise inspection and issued a formal Notice of Violation — exceeding 50 dBA at residential property lines between 10pm-7am (NJAC 7:29-1.2a2i). 4/ Phase 2 planning board hearing on March 26th was postponed 2 months to May 28th at DataOne's request — now all but certain to be postponed again to June 25. At this hearing the Planning Board approves, conditions, or denies DataOne's right to build Phase 2. Without it, the Microsoft contract full delivery — which is the core near-term revenue driver — may slip from Q4 2026 into H1 2027. Korolenko's "it's on track" update on Vineland is definitely in question. 5/ NJ regulatory environment is hardening: multiple NJ municipalities have banned or blocked data centers in 2026 — Pemberton, Monroe, Mantua, Andover, Mannington — with 60+ groups now calling on Gov. Sherrill for a statewide moratorium. Vineland is the biggest project in the state. 6/ Bloom Energy solves Bergen's regulatory problems well — near-zero emissions, minimal noise, existing NJ permitting precedent. But it's a new $2.6B cost commitment with its own timeline. The Q3/Q4 2026 capacity ramp management described on the earnings call deserves closer scrutiny. $NBIS





This is the new map of Gaza. Nearly 2 million people — most of them displaced — are now crammed into just 133 square kilometers. That is nearly 15,000 people per km².













