Do not scale the national 52 GW, or Cleanview's 2 GW of gas, into a figure for data-centre storage.
Oversubscription shows demand for allocations; it does not show how much of the allocated time ran jobs.
Treat memory as a priced, volatile input with a public supplier side and a private buyer side, and plan on the private side.
A fab cannot be more than full, so the denominator is an estimate that output can exceed.
A growth rate on an unstated baseline cannot be converted into capacity.
A generator that is permitted for 50 non-emergency hours is a different asset from one permitted for none, whatever its nameplate says.
It is nonetheless the only delivered-energy number found in this research, and it is small.
A planner reading a provider's emissions figure is therefore choosing a basis before reading any physical fact.
An approval is permission to build; it is not a measurement of supply.
A single constant across all rows says the reported tonnes follow from the GPU-hour count, not from site-level metering.
The measured fact is a trade collapse and a dated deadline; the server link is an inference.
Treat a moratorium as notice that rules are coming, not as a closed door.
The clearest sign of rationing is a refusal.
Any plan that assumes a known liquid-cooling baseline rests on a denominator nobody has counted.
An oversized grid request is no longer a free option on future capacity; it is a fixed commitment billed to whoever signed it.
A signed nuclear deal is not a fixed engineering arrangement until the regulator has finished with it.
When customers ask for delivery slots four years out, allocation has become a seller's decision.
They share a unit, gigawatts, and nothing else.
If the answer to the last two is Taiwan, the dependency has not changed; only its price has been disclosed.
A share figure without a stated base cannot carry a decision.
Treat the bookings as a liability held by whoever signed them.
It does show that the largest number in circulation is the one with the weakest claim to be called demand.
If the answer is a press release, a term sheet or a vesting schedule, it is not yet demand.
A figure that cannot answer all four is an anecdote, not an input.
Capacity a supplier announces in 2026 does not shorten a queue for equipment needed in 2027.
A site chosen today for cheap power in Québec will not pay today's price.
A commitment that rests on memory contracts alone is resting on the part of the chain that has diversified, and is silent on the part that has not.
A withdrawal figure set beside a figure of unstated basis is not a ratio anyone measured.
A plan that applies the token curve to a capacity commitment will under-budget, and will negotiate as if the buyer held leverage it no longer has.
The spread, from 5% to 85%, is not a range around a true value.
A board paper that cannot state all four should not size anything on the number.
A take-or-pay contract with collateral is the best forward signal available.
Micron did not need its customers' money to build.
Treat "secured" gigawatts as an order book, not an inventory.
Budget by the tier you will actually buy.
The cap held the price; it did not hold the supply.
A buyer holding a reservation holds a place in a queue, with no delivery date stated in GE's release.
Until the audit and batch results arrive, the requested total is a measure of intent, and the 3.9 GW operating figure is the only number here that was observed.