Joe Osha

Duke said Quanta invests where there is a critical-path bottleneck or underinvestment, such as the HICO high-voltage breaker deal, and will be selective, using its vertical supply chain to drive synergies and innovation.

Duke said Quanta is not looking at eBOS companies; the core focus remains craft-skilled labor, though a component could fit if it helps deliver the solution.

Duke confirmed single-cycle gas was the original driver of the power generation platform, with the NiSource combined-cycle opportunity evolving from there.

Duke dismissed tariff impact to date, noting the portfolio approach can absorb pushes and pulls. Called solar the cheapest form of energy.

Duke confirmed single cycle opportunities as part of the energy solution, noting they are faster to market than combined cycle.

Power agreed expirations step down while market rates rise and said a harder delivery backdrop makes the installed base more valuable, but did not address New York or Loudoun policy specifically.

Mercier noted average rate north of $180/kw this quarter despite strong re-leasing spreads, with mark-to-market opportunity expected to grow as rates decline through 2029.

Mark clarified South Carolina is exclusively CadTel CuRe finishing of semi-finished product from Malaysia/Vietnam. Perovskite 1 GW pilot line is separately located in Perrysburg using some back-end tools from SE Asia. Alex added this tool reallocation explains SE Asia capacity reduction.

Mark explained front-end processing retains most capital intensity so absorption stays reasonable. Back-end tools being moved to U.S. shifts depreciation there. About 6 GW of contracted S6 international backlog provides some runway. Bilateral offtake negotiations underway for remaining capacity.

Aaron noted co-locator market is a longer tail with more customers. Preferred supplier to 2 co-locators globally. Gas reciprocating engines used as bridge prime power but poor response times still require diesel backup on same sites. TAM not reduced by gas alternatives.

Aaron described partnering with non-U.S. engine supplier now certified domestically. Cat and Cummins adding capacity but constrained. Generac's supplier has significant capacity and appetite for investment. Lead times half the market.

Adaire identified power availability as the largest constraint, noting that high-density deployments require holding adjacent space to maintain SLAs for other customers. This drives MRR per cab yield growth of 7% YoY.

Management laid out the fuel sequence: EBR-II recovered material first, plutonium-blended fuel as a bridge, then HALEU via Centrus and ultimately recycling, describing a versatile multivariate fuel strategy.