Ann: FY24 Results Presentation, page-33

Well I'm sure what I have written below is not going to surprise anybody.

NXT seems a bit like Storage King, or Wilson or National storage, except you can choose to store your goods overseas at the snap of your fingers, but where the storage warehouse (robotically?) re-arranges your stuff in the storage unit, and lets permitted people access to look at your stuff. You pay more or less to get a longer term lease, depending on whether there is a shortage or not. The obvious difference is you are storing data and processing power, and not physical goods. (In fact a bit more like distribution fulfillment centres).

Obviously Data Centres are utilities. In the end they'll probably make a marginal profit most of the time and battle to have an edge over competitors to create better margin through cost management.

One main difference with storage warehouses is that there is a shortage of them ATM, and technological change is happening very quickly. So these are upside and downside risks, but seems to me the upside risk is short to medium term, but tech change risks are permanent. The higher the sales of data centre components and longer term energy contracts, the quicker under-supply of DCs disappears. There is a price advantage to data centres overseas in some countries due to less stringent planning rules, and lack of adherence to environmental laws. "Italian" "organic" canned tomatoes!