What's changed, and why are people suddenly taking fusion so much more seriously, given that it seems like commercial launch is a long, long way away?

So I'd say there's kind of three main things.

So, so the first one is really a big scientific breakthrough that took place at the National Ignition Facility run b- by the Lawrence Livermore Lab in 2022.

And what they essentially did there is demonstrate proof of concept.

So they demonstrated the facility that you could generate more power coming out of the reactor than you have inserted into it.

And so that's really critical because it moved the conversation from, you know, "Is this even theoretically possible?" to, "How do we make this happen?" And, you know, in order to make this happen, you need a lot of capital to go into the space, and so it's also shifted the dynamic away from a sort of public science endeavor to a private commercial race where these companies are essentially racing to be best positioned to capitalize on the opportunities.

Um, I'd say the second big factor that's really sort of acted as a catalyst for interest in fusion has been the AI load growth story.

Who's leading that race, um, from your perspective?