Sep 1, 2026 6:18 PM

Applied Digital founder & CEO Wes Cummins joins Roundtable: from Bitcoin data centers to AI factories, $36B in contracted revenue, chip obsolescence risk, direct-to-chip liquid cooling, the power bottleneck, and the data center backlash.

0:00 What Applied Digital is today

2:58 From investor to founder: the mindset edge

6:19 The franchise model: scaling identical builds

9:57 Chip lifetime & who bears obsolescence risk

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13:10 Inside the balance sheet: $36B contracted revenue

18:00 Why each campus is its own subsidiary

19:54 Direct-to-chip liquid cooling, explained

25:02 The real bottleneck: power, transformers & NIMBYs

27:14 What happens to Bitcoin mining

29:16 The data center backlash & the community

35:18 Applied Digital in 2030

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