"As for Google's involvement, our understanding is that Fluidstack (which signed a 360MW deal with TeraWulf in August) will act as a TPUaaS provider to Anthropic as our checks indicate that Fluidstack has agreed to purchase ~1.2GW of fully-integrated TPU racks from Google. In turn, Fluidstack is looking to lease capacity in 80MW blocks (with our July channel checks indicating it was active in the market with three 160MW deals) to support these Google TPUs. To support Fluidstack's expansion and the use of its TPUs, our understanding is that Google is providing parent guarantees for Fluidstack leases, as we saw with the TeraWulf deal. Furthermore, our understanding is that these workloads are location agnostic, which we believe represents an attractive opportunity for the other historical Bitcoin miners focused on the HPC opportunity including Applied Digital (APLD), Riot Platforms (RIOT), and Hut8 (HUT). To that point, we find Riot's site in Corsicana, Texas as attractive given its proximity to Dallas and the density of AI workloads emerging in Texas (specifically West Texas)."