Jan. 8 at 3:25 PM
$TOST The updated view (~166 GW peak growth by 2030, +~20%) is basically the grid saying “we’re behind.” And with data centers ~55% of the next 5 years’ growth, the backlog concentrates. Backlogs create premiums: speed, reliability, availability. Premiums show up in margins and in valuation rerates. Rerates happen faster than construction ⚡