<p>➀ The market has focused on '2GW of lease cancellations', but this only covers non-binding LOIs, not firm contracts.</p><p>➁ Microsoft has ~5GW of pre-leased capacity under binding contracts set to start operations between 2025 and 2028.</p><p>➂ Microsoft walked away from significantly more than 2GW of non-binding contracts over the last two quarters.</p>