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George Pearkes
peark.es
did:plc:pnx2fjuannbdpy3337ggthpp
Some very good arguments here but there's also a KISS question here: "Why should a company consolidate an entity where it only owns a 20% stake?"
Seems like the operating versus financing lease distinction is more important than the consolidation of the entity, they're on much weaker ground there.
https://www.wsj.com/tech/meta-ai-data-center-finances-d3a6b464
2025-11-24T11:12:11.130Z