On "watch what happens in Austin": two things already in motion don't wait for January. Abbott's own September 21 letter told TCEQ to issue no permits for data center projects until the ERCOT and water board audits finish, and Cipher said on its November 2 call that it expects final classifications in December, after the audit. So some of this gets settled while he's still governor.
The money is still going in, and it shows what the risk may not touch. Riot said this morning it leased its whole Corsicana campus, 910 MW, to an unnamed frontier AI lab for 15 years, about $28 billion, with rent due on all of it whether it's used or not. On its August call Riot said Rockdale and Corsicana aren't subject to ERCOT's batch process, because their power sits under existing interconnection agreements. Sites already connected could be the winners from anything that slows the queue.
On "watch what happens in Austin": two things already in motion don't wait for January. Abbott's own September 21 letter told TCEQ to issue no permits for data center projects until the ERCOT and water board audits finish, and Cipher said on its November 2 call that it expects final classifications in December, after the audit. So some of this gets settled while he's still governor.
The money is still going in, and it shows what the risk may not touch. Riot said this morning it leased its whole Corsicana campus, 910 MW, to an unnamed frontier AI lab for 15 years, about $28 billion, with rent due on all of it whether it's used or not. On its August call Riot said Rockdale and Corsicana aren't subject to ERCOT's batch process, because their power sits under existing interconnection agreements. Sites already connected could be the winners from anything that slows the queue.
Data: Riot's November 4 8-K and Q2 call, and Cipher's Q3 call, processed by Equibles. https://equibles.com/stocks/riot/documents/1f52b8a4-6e62-415b-b796-9823417b125d?utm_source=substack