It is MSFT. As I wrote before, $ChronoScale Corp(CHRN)$  recently disclosed in its Form 10-K filing that it entered into an agreement with $Microsoft(MSFT)$  to deploy up to 50 MW of HPC compute. Obviously that will be at an $APPLIED DIGITAL CORP(APLD)$  datacenter. The available ones are DF1, DF2 and PF3, and $APPLIED DIGITAL CORP(APLD)$  has told us that the same 4 big hyperscaler has all three of these sites. No way $ChronoScale Corp(CHRN)$  is deploying that at a competitor datacenter builder's site.

However, Wes will never alter his no PR/no press strategy when it comes to identifying hyperscaler clients. $APPLIED DIGITAL CORP(APLD)$  will never identify the hyperscaler. The main goal here is to prevent massive community opposition from being imported from outside the local community to stop or slow down these projects.

Sadly, the disclosure of a big hyperscaler name like $Microsoft(MSFT)$  will raise the profile of these projects by hundreds of times and make it much more likely they face well-financed, determined, imported community opposition, turning these projects into political footballs and delaying or cancelling the project.

Indeed, that was precisely what $NEBIUS(NBIS)$  experienced in Vineland, NJ. I am a significant $NEBIUS(NBIS)$  shareholder and I followed the experience closely, including online attendance at the planning board meetings where the community opposition appeared. There, $Microsoft(MSFT)$  was also the tenant and the public disclosure of its name by $NEBIUS(NBIS)$  galvanized the community opposition - much of which were activists not from Vineland. That opposition forced VERY expensive changes to the project, including forcing $NEBIUS(NBIS)$  to switch its behind the meter power source from gas turbines to more expensive $Bloom Energy Corp(BE)$  fuel cells.

Believe me, the temporary boost in the share price from $APPLIED DIGITAL CORP(APLD)$  disclosing that its $20 billion hyperscaler tenant at Delta Forge 1 and Polaris Forge 3 is $Microsoft(MSFT)$  will not be worth the potential damage to the projects and the business that could result from determined, well-organized and well-financed community opposition.

As shareholders, we get the biggest return if $APPLIED DIGITAL CORP(APLD)$  completes its AI factories on time and on budget and turns them over to clients so they can generate revenue.