The Lease That Paused — TD Cowen, a Couple of Hundred Megawatts, and a Lake I Will Not Remake

February 24, 2025. Reuters: an analyst note flagging a possible slowdown by Microsoft in leasing data-center capacity grabbed the market's attention. TD Cowen, in a Friday note the rooms dated, said the company had scrapped leases for sizeable capacity in the United States. Analysts led by Michael Elias, citing supply-chain checks: canceled leases totaling "a couple of hundred megawatts" with at least two private data-center operators. I will keep a couple of hundred megawatts. I will keep at least two. I will not freeze a couple as a census I sat in a cage. A couple is a note's couple. A note's couple is not a holding.

The same note, in the CNBC walk of that Friday: Microsoft had pulled back on converting statements of qualifications — SOQs, a precursor to a formal lease — and re-allocated a considerable portion of international spend to the U.S. Elias: when coupled with prior checks, it points to a potential oversupply position. I will keep SOQs. I will keep potential oversupply as a note's potential. I will not upgrade a potential to a finding that a cloud had finished. A potential is an analyst's potential. An analyst's potential is not a 10-Q I sat.

Microsoft, in a spokesperson walk: the plan to invest over $80 billion in AI and cloud infrastructure remains on track. While we may delay or adjust. I will keep $80 billion as a mouth. I will keep may delay or adjust. I will not add $80 billion to another book's commitment. Two mouths. Two books. Labels are honest when they stay labels.

Jefferies' trading desk, in the CNBC walk: Microsoft investor relations strongly refuted any change to its data-center strategy. The Dow tumbled about 700 points that Friday, in that telling; Nvidia declined about 4 percent as the note spread in the afternoon. I will keep strongly refuted. I will keep about 700 as a walk of a Friday that is not January 27. Two Fridays. Two tapes. I will not write a plot that says a note called a paper.

March 26, 2025. Reuters again: Microsoft has abandoned data-center projects set to use 2 gigawatts of electricity in the U.S. and Europe in the last six months, TD Cowen said, due to an oversupply relative to its current demand forecast. The withdrawal, in that note's weather, was largely led by the decision not to support additional training workloads from ChatGPT maker OpenAI. I will keep 2 gigawatts as a walk. I will keep largely led as a note's verb. I will not remake another book's Azure line as this OpenAI. That kitchen had a 10-Q and a 27 percent. This kitchen has a note and a gigawatt. Two kitchens. I will not add them. I will not restage a $13 billion. Another book's commitment can sit on a sideboard. A sideboard is not a lead.

TD Cowen, in the February rooms: Microsoft used facility and power delays as justification for the termination of leases — a tactic rivals such as Meta previously employed when curbing capital spending, in that telling. I will keep facility and power delays as a note's justification. I will not invent a meter I sat. A justification is a walk. A walk is not a lake.

I will not remake another book's water as this lease. That kitchen had a The Dalles and a Loudoun MGD. This kitchen has a megawatt an analyst named and a spokesperson who said on track. Two kitchens. I will not add them. I will not restage a drought. I will not restage a FOIA.

The February Friday, in the CNBC walk of the note's afternoon: Digital Realty Trust and Equinix fell about 4 percent and about 2 percent; Super Micro about 5 percent; Vistra, in the energy-linked walk, nearly 8 percent. I will keep the percents as a walk of a Friday that is not January 27. I will not add 4 and 8 to 17. Two Fridays. Two tapes. Labels are honest when they stay labels.

Mizuho's Jordan Klein, in that walk: to me this all looks and sounds like business as usual. I will keep business as usual as a mouth. I will not upgrade a usual to a finding that a lease was not canceled. A usual is an analyst's usual. An analyst's usual is not a note's couple.

TD Cowen's February checks, in the Bloomberg walk: Microsoft had let more than a gigawatt of agreements on larger sites expire and walked away from multiple deals involving about 100 megawatts each. Capacity stated in power. I will keep more than a gigawatt as a walk. I will keep about 100. I will not add a gigawatt to a couple of hundred megawatts. Two walks inside one note. A grocery line will try to spend a sum as if I had a portfolio. I held a note.

March's 2 gigawatts, in the Bloomberg walk of the same Cowen shop: also reflected the company's choice to forgo some new business from OpenAI, which it has backed with some $13 billion, in that telling. I will keep some $13 billion as a walk I will not spend as this chapter's lead. Another book's commitment can sit in a Bloomberg sentence. Sitting is a cousin. A cousin is not a 10-Q I will restage. I will not remake $11.8 billion funded. I will not remake 27 percent. I will not remake $250 billion through 2032. Those are another book's clothes. These clothes are a megawatt.

A later 2026 clerk, in the rooms that walk a pivot: Microsoft absorbing premium capacity in Texas and Norway that OpenAI chose not to pursue, in those walks; sovereign-cloud and AI-factory nouns. I will keep later. I will keep chose not to pursue as a walk. I will not freeze a 2026 absorb as this February cancel. Two years. Two costumes. A later clerk can sit on a sideboard. A later clerk is not a holding I sat in a note.

The $80 billion mouth sat next to a last year, in the rooms that walk a 2025 fiscal. I will keep last year as a mouth's year. I will not freeze $80 billion as a finding that a couple of hundred megawatts did not happen. A mouth can say on track and a note can say canceled. Two sentences. One February. Labels are honest when they stay labels.

Channel checks, the note's method. I will keep channel checks. I will not invent a check I sat. A check is an analyst's check. An analyst's check is not a lease I held.

Statements of qualifications, SOQs, typically the precursor to signing, in Elias's weather. I already kept SOQs. I am walking precursor so a grocery line cannot spend a qualification as a lease I canceled. A precursor is a maybe. A maybe is not a megawatt.

International spend re-allocated to the U.S., in that Friday. I will keep re-allocated. I will not invent a country I sat. A re-allocation is a note's noun. A note's noun is not a lake. I will not restage a Virginia. I will not restage an Oregon.

Jefferies' trading desk said the note was likely one of the drivers for the tech-sector selloff that Friday. I will keep likely one of the drivers as a desk's likely. I will not upgrade a likely to a finding that a note caused a Dow. A likely is a walk. A walk is not a January 27.

Cooper Belanger and Gregory, in the rooms that name Elias's co-authors. I will keep the names as a note's names. I will not invent a third I did not hold. Inventing a third is a kit.

Ivo wrote $80B last year mouth / channel checks / SOQ precursor / re-allocate US / Jefferies likely driver / Elias Belanger Gregory / not a lake and boxed likely. He typed a flyer that had used the word oversupply. He said oversupply is still a brochure until a 10-K writes a cancel. I said oversupply sat in a potential next to a couple.

Digital Realty Trust about 4 percent, Equinix about 2, Super Micro about 5, Vistra nearly 8 — I already kept the Friday percents. I am walking them as a Friday that is not January 27 so a grocery line cannot spend a 4 as a 17. A 4 is a landlord. A 17 is a chip. Two Fridays. I will not add them.

"While we may delay or adjust," the spokesperson mouth sat next to on-track. I already kept both. I am walking the may so a grocery line cannot spend an $80 billion as a finding that a couple of hundred megawatts unsayed itself. A may is a hedge. A hedge is a public. A public is not a 10-K I sat.

The March note's OpenAI verb — not to support additional training workloads — sat next to a $13 billion cousin I already refused as a lead. I am walking additional so a grocery line cannot spend a pause as a divorce I sat. An additional is a note's additional. A divorce is a plot. I will not write a plot.

Ivo wrote DLR 4 EQIX 2 already / may delay hedge / additional training not a divorce / still not a lake / still not Azure 27 and boxed additional. He typed a flyer that had used the word scrapped. He said scrapped is a brochure until a 10-K writes a lease. I said scrapped sat in a Friday next to a couple.

Nerys asked if an additional was a stain. I said it was a note's verb. She wiped the eleven. I did not write additional on the sleeve.

Mizuho's business-as-usual, I already kept. I am walking usual again so a grocery line cannot spend a usual as a finding that a couple of hundred megawatts unsayed itself. A usual is a mouth. A couple is a note. Two Fridays. I will not add them.

I will not remake another book's $13 billion as this additional. I already sat the cousin on a sideboard. Sitting is a refuse. A refuse is this chapter's job.

Ivo wrote usual not unsay / $13B still cousin / still not a lake and boxed refuse. He typed a flyer that had used the word usual. He said usual is a brochure until a 10-K writes a lease. I said usual sat in a Mizuho next to a Friday that is not a 17.

I will not remake another book's lake as this usual. I already sat that refuse. I am walking it so a grocery line cannot spend a business-as-usual as a The Dalles I sat. A usual is a mouth. A Dalles is another book. Two kitchens. I will not add them.

Ivo wrote usual not a lake / still not Azure 27 and boxed not a lake. He typed a flyer that had used the word business. He said business is a brochure until a 10-K writes a lease. I said business sat in a usual next to a couple.

Nerys asked if a business was a stain. I said it was a mouth. She wiped the eleven.

Nerys asked if a usual was a stain. I said it was a mouth. She wiped the eleven.

Nerys asked if a precursor was a stain. I said it was a maybe. She said maybes are for weather. I said this maybe is a note. She wiped the eleven.

Ivo wrote DLR EQIX SMCI VST Friday walks / Klein usual / >1 GW expire walk / ~100 MW multiples / $13B cousin do not restage / 2026 absorb later and boxed cousin. He typed a flyer that had used the word discipline. He said discipline is a brochure until a 10-K writes a lease. I said discipline sat in a vest hoping a note is a product.

Nerys asked if a Vistra was a stain that needed a different remover. I said it was a Friday walk. She wiped the eleven. I did not write Vistra on the sleeve.

I printed the notes. Nerys asked if a megawatt was a stain. I said it was a walk. She said walks are for dogs. I said this walk is a lease. She wiped around the eleven.

Ivo wrote TD Cowen Feb 24 couple hundred MW / SOQs / $80B on track / IR refuted walk / Mar 26 2 GW walk / not water / not Azure lead and boxed not water. He typed a flyer that had used the word oversupply. He said oversupply is a brochure until a 10-K writes it. I said oversupply sat in a note next to a couple.

Quin asked if I was recording a gigawatt. I said I was dating a note. He dated the tin. Notes are honest. Recordings are a later costume.

Quill asked whether "on track" meant "they peaked." I said peaked is a polo word. He wrote a five.

Bram said correction lease adjacency. I said a lease is a note, not a vest. He zipped a pocket.

The next room is a homework shop that named March. The megawatt is still this one.

I will not give you a lease you can cancel. I will not give you a cage you can site. I will tell you February 24, 2025, happened as a note, that a couple of hundred megawatts sat in a Friday, that $80 billion sat in a mouth that said on track, that March 26 happened as a 2-gigawatt walk, that a lake I already spent is a cousin and not this lease, and that a shop in a rented suite still pays an invoice after a feature paused because confidence is a typeface. The next room is a call that named March. The lease is still this one.