The cleanest line in this whole synthesis is "interconnection, not capital, is the binding constraint" — that one sentence reorders how everyone invested in the space should be allocating attention, from hyperscalers to private credit to PUCs. The next leg of this cycle will be won by whoever can build and convert grid headroom into time-to-power fastest, which is why the most interesting names increasingly aren't the data center operators themselves but the transformer, switchgear, and behind-the-meter generation companies sitting one layer upstream.