Romain Nouzareth

Our thoughts on the importance of AI sovereignty. 1. Your AI sovereignty dictates your institution’s future. Sovereignty is the precondition for choice. Relinquishing sovereignty transfers the future choices of your institution to others, who are likely to exploit it for their gain and your loss. 2. Data retention is your treasure. Transfer it at your own peril. Your ability to win is dictated by your ability to recognize and use your unique edges, and you keep winning by compounding the underlying data to generate new insights. Transferring that data hands over access to your pre-existing winning plays and yields the means of production for new ones. 3. Tokenmaxxing hijacks your value orientation and decreases your institutional fortitude and intelligence. The pursuit of high token usage incentivizes disposable scripts over robust software — with the addictive feeling of false progress. There is a reason why those selling tokens refuse to charge based on value. 4. Controlling your weights is controlling your fate. Weights are the distilled form of hard-won, accumulated institutional knowledge. If you let others control your weights, you are allowing them to migrate the alpha of your business to theirs. 5. There is no contradiction between sovereignty and alpha. The architecture that maximally preserves sovereignty is one that enables institutions to own their tribal knowledge, and to compound it as alpha. 6. Politicizing the technical issues involving sovereignty is what your adversary wants. Techno-politicization is the wellspring of false sovereignty. Techno-politicization drives decisions that seem to reduce dependency, but ultimately limit agency — especially on the battlefield in the West. 7. Real expertise is existential. Allowing politics or favoritism to determine your technical decisions rewards whoever is best at politics, not whoever is right. Listen to those closest to the problems, not those speaking most compellingly about them. 8. Learn from institutions that are winning or that have consistently delivered. Institutions facing existential threats do not have the luxury of making technical decisions based on political preferences. 9. Only listen to institutions, countries, and people who have a proven record of being right. A track record of correctness is the best and only signal for future correctness. Judging something as right or wrong based on who you like is exceedingly misguided.

🚨 VALUATION GROUND FAULT $DLR just paid $27M/MW at a 6.5% cap for three fully-leased AI data centers, with 3.6% escalators, 15-year leases. This is now the North Star for stabilized AI infra. To refresh: Miners are converting Bitcoin infrastructure at $3-12M/MW. Same NOI economics (~$1.5M/MW). That's $15-24M/MW of value creation, if you can execute. CIFR, and HUT are two public miners that have signed triple-net leases with investment-grade hyperscalers, the same lease structure as DLR's Northern Virginia portfolio. To see what the market thinks of their remaining opportunity, take each company's disclosed stabilized NOI (net operating income), capitalize at DLR's 6.5% rate, and subtract net debt. That's the contracted book, valued at the clearing rate $DLR just paid. (The signed leases are already funded at the project level, so no additional equity is assumed to get there.) Subtract that from the actual market cap. The residual is what you pay for everything uncontracted: the energized capacity sitting idle (or mining BTC) and the pipeline behind it. The highest quality part of that residual is energized but unleased MW. Power on, interconnect done, substation built, no lease yet. Even if you attribute the entire residual to just these MW and give the pipeline zero credit, the implied values are roughly: >$2.9M/MW for CIFR's ~313 MW >$2.1M/MW for HUT's ~443 MW. Eight to fourteen cents on DLR's dollar for capacity that just needs a lease (not a permit). And the gigawatts of development pipeline sitting behind all of that: Zero. The land is free. There is no optimism in these valuations. In a market where plenty of stocks are priced off 2030 earnings, these companies cannot get any credit for powered land they already own. The market is pricing the long-dated pipeline as if AI infrastructure demand stalls, lease rates collapse, and the opportunity never materializes. Every lease signed, every MW energized, every quarter GPU rates hold is a step toward closing that gap.

Our Fairwater datacenter in Wisconsin is going live, ahead of schedule. As the world’s most powerful AI datacenter, it will bring together hundreds of thousands of GB200s into a single seamless cluster. Congrats to all the teams who made this possible!

Canada is building one of the world's most advanced AI supercomputers and applications open. Canadian-owned. Canadian-built. So our researchers and innovators can move faster, go further, and turn ideas into impact. 🇨🇦 Le Canada construit l’un des superordinateurs d’IA les plus avancés au monde — et vous pouvez postuler. Une initiative canadienne. Une réalisation canadienne. Pour que nos chercheurs et nos innovateurs puissent aller plus vite, aller plus loin et transformer leurs idées en résultats concrets.

Le Canada est un pays d’explorateurs, de bâtisseurs et d’innovateurs. Aujourd’hui, le colonel Jeremy Hansen perpétue cet héritage en devenant le premier Canadien à entreprendre un voyage vers la Lune.