John: If the Fed has to raise rates to control inflation, capital formation for megaprojects gets a lot harder. JLL estimates that the next 100 GW of data center capacity could require about $870B of new debt financing. Using this rough number, every extra 50 basis points of borrowing costs is $4.35B in annual interest expense. I don't know if that's a huge squeeze on cash flow - but it's certainly a squeeze on cash flow if you're a hyperscaler and you're going gigalong on AI capex. You…