Strong, sustained demand for large-scale, 200MW+ data center campuses continues across Europe, and we remain actively engaged in delivering several major projects of this scale. A Parallel Demand Curve: 5MW–50MW Alongside the large campus pipeline, we're seeing accelerating demand in Europe and the US for data center capacity in the 10MW–60MW range — capacity that needs to come online quickly, particularly to serve the emerging neocloud segment. Not every new entrant in this