 Hello, everyone. I'm Laura Noland, Account Director at JSA. We're so happy to welcome all of you to this webinar, Unlocking the Power of Circular Data Centers. I'm honored to introduce you today to Allie Fenn, Chief Innovation Officer at IT Renew. First though, we want to take care of a few housekeeping items. We will open up the webinar at the end for questions. Please type your questions in the chat box directly in the GoToWebinar Organizer, and we'll get to as many as we can today. If you have additional questions, you can email marketing at itrenew.com. We will also send the recording of this webinar to all registered attendees to hope to continue the conversation from there. And with that, I'd like to introduce Allie Fenn. Allie is the Chief Innovation Officer at IT Renew, which provides circular data center services to the hyperscale cloud operators and a suite of recertified open hardware solutions to downstream markets globally. Allie leads strategy for IT Renew's circular data center initiatives including the development of modeling, analytics platforms, and new business and market development. Allie has been building enterprises and cloud technology companies for 20 years now and holds an economics degree from Yale and an EMPA from the London School of Economics. We are very excited to have Allie talk through the paradigm shift of a circular data center economy, the financial and environmental impact at hand, and the opportunity before us all. Allie. Laura, thank you so much for having me and thank you to everybody for joining and for your interest in this topic. I'll just dive right in. So our thesis is that to operationalize a global circular IT hardware industry is both our opportunity as an industry and our imperative as an ecosystem and a community. And to do so, the good news is maximizes both financial opportunity of IT hardware assets and lifetime value of assets and also the sustainability of IT hardware generally. So we've talked in the past, including at the OCP event, open compute event last March in San Jose about the financial value of orchestrating a global circular data center industry. Our analysis shows that there's potentially as much as $50 billion of opportunity that is currently falling through the cracks being left on the table in a more linear model. That value is value that can be recovered by large scale operators and hyperscale operators at data centers. And on the flip side of that, there are there's as much as a $10 billion annual market that is markets that are currently blocked by both budgets and by access that could benefit from circular equipment or recertified equipment. So we know for sure that there's a financial opportunity here to move towards more circular models. What we want to talk about today is really the sustainability opportunity and decarbonization in particular in light of an industry which is growing immensely and operates at scale that's nearly inconceivable. We're going to walk through some new modeling and the goal of that new modeling is to really bring real data and science and math to bear to help us all collectively work towards the evolution to a more circular data center opportunity. And the good news is we think that opportunity is here and now and attainable. So quickly before we go into the analysis and the opportunity for circular data centers, I want to set some context on who is IT renew. We've been in the business of working with hyperscale data center operators, large scale data center operators and doing decommissioning of IT hardware assets since 2003. We provide a suite of services to large scale data center operators. Those include data sanitization and secure data center decommissioning both from a logical erase perspective and a physical operations and removal and remarketing perspective. In order to do that and to turn those valuable assets that we decommission into as much value as possible, we have a suite of products which we sell under the Sesame brand name, which include full rack scale systems as well as other form factors and re-manufactured environments. And those collectively have returned over a billion dollars of value to the ecosystem generally. Now it's important that we work with some of these very large scale operators that those relationships and our position in the industry are really what helps us to be able to then orchestrate the downstream markets and do the product recertification, the product support warranties and delivery into useful and accessible markets downstream. So a little bit of context on circular data centers. Let's talk theoretically first. Linear models across global industries including ours and others assume that we take materials, we build things with those materials, we make assets and then we dispose of those assets at the end of their lifetime. It's a very consumptive kind of a model. In a circular model the theory is regenerative rather than consumptive and the goal is to take as little as we need from the earth and keep assets in their highest value, highest utility value for as long as possible. So maximizing the collective longevity across multiple lifetimes, multiple pathways for those assets and deferring as much of a drain and a need as we have on the environment. So in our instance specifically what that looks like is we used to have, we used to think about decommissioning as sort of a last mile opportunity where we would receive equipment out of large steel data centers and then we would capture as, recover as much value for it typically in the form of components as we could and then recycle the rest of the material. Instead we now think about this whole concept much more holistically from the very design of equipment prior to it even entering its first lifetime in a data center and then we, we orchestrate globally a singular stream of operation, a singular operational stream which then feeds multiple different cascading lifetimes and value recovery opportunities for that equipment. All of them representing incremental value over and above the traditional model of simply harvesting components and, and recycling residual stuff. So that includes reuse in internal environments within a primary data center opportunity. It includes moving that data center equipment into, through a full recertification process and into secondary data center environments. Again minimizing the waste and the energy needed to transform it because it's going data center system to data center system. We think also about then how can we, we remanufacture these higher order elements of compute and storage into non-data center environments but that maintain more value and create more lifetime value and more, more longevity prior to getting into components. And then of course we continue to do the rest of those things that we already did. The idea here is that if we think about optimizing the mix across these flows and keeping things as up into the left as we can, then we recover as much value as we can. And of course that then avoids new manufacturing and it should enhance our sustainability and that's the thesis that we're going to test here today and roll out and, and reveal the results of the new data on. So there is no question that the cloud industry, the technology infrastructure industry, all of the, all of the immense power of the technology industry at large is incredible, right? We are on track to solve some of the world's most complicated problems in ways we've never ever thought of. The potential for positive impact is immense. But the, the sort of less discussed thing is that we also are on a very dangerous trajectory here. I sometimes say that we have sort of a dirty underbelly to the industry. And these are just a couple of stats that, that helped to show. So on the material side, in 2016, we produced globally about just shy of 50 million tons of e-waste. And just to give you some context on that, that's the equivalent of stacking a million 18-wheel trucks back to front, back to front, back to front, all the way from New York to Bangkok and back. So it's an immense amount of material waste that is, is not being given a second lifetime and is going into some version of a waste stream. Similarly, there are people talking about the fact that we may actually run out of the elements that are required for electronic components within the next 40 to 50 years and that we better start doing things like mining the deep sea beds. And I, I propose that that's, that's not the right idea that we need to be instead thinking more proactively and strategically about how we are thinking about life cycle, life cycles of equipment and maximizing those in new and interesting ways. Now on the carbonization side, which is where we're going to really focus today and the, the recent modeling is really focused, you know, again, dangerous trajectory, right? If you think about things like AI and natural language processing models and so forth, this, this one stat talks about the fact that we may see AI consuming 10% of global electricity within the next few years. I actually have heard people at major place cloud providers talking about the fact that that's probably a low estimate. You know, this, this sums up in the stat that basically says currently as a global digital technology industry, we are responsible for about 4% of global greenhouse gas emissions or global warming potential. And there are some estimates that that we're on track to double that to 8% by 2025. Now the importance of that is that well, the rest of the world is arguably hopefully trying to, to, to track towards this two degree global warming target, you know, this basically shows that we're kind of going the wrong direction. And this is again, why we need to be as an industry doing everything we can to be getting out in front of this and saying, hey, let's harness all that positive potential, but let's do it in a way that isn't catastrophic in another, in another regard. Right. So let's look at it hardware specifically. This is from research published by Gartner in August of this year. 65 million servers deployed currently in data centers that have an average of 50 racks or more. So 65 million installed base. The forecast from now to 2023 is that approximately 14 million servers will be sold into those environments over the next four years. So we should, if the math was simple, we should end up at 121 million servers deployed at the end of 2023. But it turns out that it's not quite that simple and that we end up at the end of the period with about 75 million servers deployed in that installed base. So sometime between now and the end of 2023, we're going to have about 50 million servers that get EOL, right. Again, really good reason for us to think about are we doing the best we can possibly do from a sustainability perspective and how are we going to treat that immense amount of waste? So, but let's talk about what we're doing really well. As data center operators globally, we are doing really, really well on PUE, which is the efficiency that we run our data centers at. We're doing really well and continue to drive gains and performance per watt or computational efficiency. We are getting better at utilization. We're getting better at making sure we're not wasting power. We're getting better at power scaling along with that utilization. And we're getting better at cooling and so forth in the data centers. We are also doing a very good job with renewables, which is super important. So this is just a snapshot of headlines. Everybody is working very hard at this just this past week. Google announced another three billion dollars and 10 new renewables project in Europe alone. And it's not just the major hyperscale people, right. This is happening across COLO facility providers and much smaller kind of mid-sized data center providers as well. And this is absolutely critical. We need to continue the march on this front. Nothing that I'm going to tell you today is to have people take their eyes off this ball. In fact, we need to do some success here, right? The question that we're asking is, if we assume success here, then where else do we look? What other knobs do we have given that we have this scary trajectory that we're on? So more specifically, everything we just talked about that we're doing well is really operational phase or run phase energy implications or impact. So often called scope one emissions. This is what we do. Anything from the time a data rack arrives in a data center and gets plugged in to the time it gets unplugged and taken out of that data center. Now, if we think about more holistically the life cycle of equipment, then, you know, we need to contemplate how did that stuff get to the door of the data center, right? So what was mined? What was the material content of all of the stuff that becomes racks of equipment? And then what happens to that same stuff after we take it out of the data center? Those two phases are collectively called scope three emissions or embodied energy. And that's going to be the focus here. Just as a side note, scope two is not part of this analysis. Scope two is actually even further upstream. It's the energy that is required to produce the energy that's involved in running a data center out of scope for this analysis. But we're going to focus on this picture of the life cycle in the data we're going to talk about today and as a way to focus the conversation and understand again what those big knobs might be that we could look to turn next. So more specifically, more granularly, I would say, this becomes the system boundary of the new analysis that we've just rolled out. The process looks like this. You take raw materials from the earth, you take energy from the earth, you create energy, and you move a bunch of ore to pull materials out of the ground in the form of mining, then you process that material, you transport it somewhere, you then create all of the components that go into IT equipment in the form of boards, CPUs, drives, dims, power equipment and so forth, switches, and then of course the metal that goes into servers and racks and so forth. You transport those components again to someplace where they're assembled into their appropriate form factors, and then you transport them finally to this little sliver over here called use, which is the runtime or the operational phase, and then at the end of that lifetime in that data center environment, you transport them again downstream into some sort of recycling process, which typically involves sorting and shredding and then smelting. And of course what we're looking at today is what are the outputs of that process? The outputs happen in the form of emissions and they happen in the form of waste, and this is what we've looked at in the new analysis that we're going to talk through here. So specifically, I've talked about this a bit in terms of the life cycle. This analysis focuses on compute equipment only. Again, this is a very big hairy thorny problem when you think about the fact that in order to do that life cycle modeling, life cycle analysis, I just walked through, you have to get real data and make assumptions about the material content of everything in that rack. So how much gold is on a PCB? How many capacitors? What is the nanometer technology that was used to make a specific IC? It's a very, very granular analysis. So we've focused on compute to make it manageable as a starting point. We've assumed OCP style racks, so very efficient cooling, no doors, that sort of thing, bare bones x86 servers as you see predominantly in cloud data centers. In this specific analysis, because we rolled this, rolled it out in Europe this week, last past week, we focused on an EU data center based in Sweden. We've assumed component manufacturer in China and then rack and server assembly in Eastern Europe. Our methodology was to basically do a comprehensive literature review of all of the academic and industry papers that are out there and data that is out there. And then we consulted actually well in excess of 10 experts across that inclusive life cycle, as well as specifically engaged with ThinkStep, which is sort of the leading consulting agency in this space, and they actually produced the Gabby software that contains the biggest breadth of data that underpins all of this. And then of course, because we've been decommissioning equipment out of these environments, and we handle it all, then we have a lot of our own IT renew data about exactly what the content of these racks is and so forth. Now importantly, this is a version of the Nado model. It is designed to compel, to bring real data and real science and real math to compel the ecosystem to continue to collaborate and work together. And I think it's the beginning, right? We have good confidence in the model, but it is very much a beginning meant to compel further conversation and analysis. So let's look at it. It turns out that if you look at a three-year life cycle of equipment, which is very common in large-scale or hyperscale data centers, this stuff really matters. Specifically, the pre-use phase, everything that goes into manufacturing IT equipment for data center racks takes, has a tremendous impact from a sustainability perspective to the tune of three quarters of the full picture. So what this tells us is that the thesis is reasonable and that if we assume that we are going to succeed on the operational stuff, we're going to continue to make improvements in the grid mix and so forth, then this is a really good spotlight on where we can go next. And the point about circular economy here is if we go back to thinking about multiple lifetimes and cascading of equipment, what we're really talking about is deferring the need for new manufacturing. What we're really saying is can we, can we take that rack and give it to somebody else who doesn't need to build a new one, right? And that in, when we do that, you have the potential to really impact this 76% pre-use phase. So that's the next step in the, in the model here. The model is, the next step in the model is if embodied energy, that pre-use phase, you know, time portion of the time span matters so much, then let's quantify a mini system that is circular that allows us to, to analyze a circular model as compared to the base case. And in this case, we've assumed the base case is that very large data center operators take things and they run them for three years and then they end up live them and throw them into some sort of a downstream decommissioning process and they do the same thing over. So every three years, there's a new server coming online. On the downstream side for much smaller enterprises or smaller scale data center operators, you typically run the, run the equipment for much longer. In this case, we have assumed nine years, which, which is, is very standard also out there in the industry. Now what we've done here, and you can see is we've, we've built out as a time sequence that lets us model how equipment, how the embodied energy works, but also how operational energy works over time as is tied to Moore's law performance. And the only point there is, as new equipment comes on, of course it consumes less energy because we're making continuous games and we don't want to, we need to be able to account for those, that penalty and that increased opportunity over time. What you get is a nine year snapshot that lets us compare circular model to a base case, more linear model. And this data is interesting as well. So if we could enable a second life here in the dark orange, you see that 76% embodied energy and you see the yellow is the effect, the 22% operational phase energy. When I moved to showing the circular model, not surprising, embodied energy decreases significantly. Again, because you've deferred the, the need to manufacture new equipment and you've cascaded equipment into secondary lifetimes. And of course, the operational phase energy does go up a little bit because we're keeping some equipment in circulation a little bit longer. Now, this is super important when you combine those, all of these numbers, what you get is a net CO2E savings, CO2 equivalent savings of 24%. And to put that in context of the gains that people have been making on the operational phase, it's equivalent to getting another 68 or nearly 70% of the base case operational use energy. So in other words, can we squeeze another 68% of PUE? Or should we also be looking at this? It seems like we should be doing both. Now, if you're running a data center, then you, you're going to ask the next question, which is, okay, that sounds great, but to do the right thing from a sustainability perspective, is it going to cost me more? And the answer is, it's not going to cost you more. The TCO of the exact same system is also better by about 24% when you make the same, make logical assumptions about Moore's law depreciation, cost of power, utilization, all of those things. The next question you're going to ask is, yeah, but can I really run this stuff this long? And the answer is you can. Not only do the technology treadmills easily last that long, this stuff is absolutely designed to have a much longer than a three year life cycle. But it turns out from a purely economic life analysis perspective, and you make the same similar assumptions and add facilities, costs, and capex to the puzzle, you absolutely can run this stuff for nine years as well. So last question is, but aren't I going to need more data centers? If I'm running older equipment, then is it going to cost me more? So this piece of the analysis says, if I take 50% of my workloads and use, and use recertified or circular equipment for those 50%, as opposed to doing everything new, then it turns out no. This makes assumptions about growth of the business over a 10 year time horizon. And you can see that starting at 40% pool in your data center, you get at the maximum case in the 10th year to 74% full. In other words, not yet ready to need a new data center. Now, obviously, people's constraints are different. Some people would start at 60% or more full. You can assume that Moore's law is going faster. You can assume that business growth is going faster. In some cases, you'll certainly need, for example, if you start more full, you'll definitely need a new data center before the end of 10 years, but you need it in the same year. Same thing as if your business is growing faster, you need a new data center, but the difference is not material, whether you're using circular, whether you're introducing circular equipment or not. So to do the right thing does not have any material financial impact. In fact, it has a very positive financial impact to the system. I should note that TCO is shared by both the hyperscale portions of the ecosystem or upstream and the downstream recipients of more circular equipment. And just to put it in context a little bit here at scale, these are a couple scenarios I'll go through quickly. Back to my 46 million servers that were going to be EOLed over the next four years. If we assume that 15 million of those are ODM equipment, what if we could take that 15 and make them circular? Well, the impact is that we would save 10 million tons of CO2 equivalents, which since I just presented this in Amsterdam last week, I used an Amsterdam specific analogy for that event, and there were about 800 people in that forum, and the equivalent 10 million tons of CO2E is the same as every person in that room going back and forth for a year from San Francisco to Amsterdam 27 times. It's an immense amount of CO2 equivalents for just doing a portion of the servers that are going to be EOLed. Now, what if we could do the whole thing? Now, obviously evolution over time, but what if we could get to a model where the whole industry is circular? Well, then you get to more like 31 million tons of CO2 equivalents, which is the same as taking nearly 7 million cars off the road for a year globally, very large scale. And on the waste side, also interesting. So in this case, you save nearly a million, you defer nearly a million tons of waste, and that, we talked about trucks before going from New York to Bangkok and back. Again, Amsterdam focused here because of the location of the event, but in this case, you can take trucks, which is nearly 500 trucks, and you can stack them from Amsterdam to Brussels and back and a little bit more. So again, really significant amount of both CO2 equivalent potential and waste potential in moving to and operationalizing a circular IT hardware industry. Now, it may seem daunting. How do we actually do this? What does it look like in action? And the fact is, everything that we're doing is open hardware, open software are essential kind of platforms, but it takes more than that. It takes more investment. It takes really truly saying, hey, we need to think about what it means to enable secondary lives that can be accessible, useful, usable by downstream clients in ways that hyperscale technology has traditionally not been, both for absence of budgets and resources. And that looks like hardware engineering. It looks like enabling an open source software stack that's actively a community effort. It looks like a global operations and logistics footprint that enables time to market as well as support in local markets and so forth and solutions in local markets. And it looks like a market making effort that enables a diversity of markets. Again, because you think about some things are data center form factors. Some things are not data center form factors. We need to do the engineering and also the market making to enable this circular model to take hold and to be successful. Last point I want to make here is it's really about also adopting a changed mindset across the ecosystem that this is not just about services and products and financial value, but it is a really a shared ethos that we want to drive forward together because it does benefit and require the participation of everybody. Now the good news is it's happening today. We rolled out a lot of technology at the event last week and the sesame product line is IT renews version of what recertified circular equipment looks like. It is truly a first of its kind recertified open compute and storage portfolio of solutions. No compromise. Performance optimized for all modern workloads, whether that's Kubernetes, AI, whether that's hyperconverged infrastructure, fully warrantied and supported. Again, this speaks to the ability to make open ODM style hardware that's only been really accessible by the hyperscale community, really useful and usable for the broader ecosystem of data center operators who don't have those extensive stables of thousands and thousands of engineers. Importantly, it's also new form factors. Not only can you get racks, but you can also repurpose this stuff into edge environments. There's a little image here shown of a developer system that helps people get on ramped into broader rack scale deployments, and the quality is as good as new. Again, just to hit on something I talked about before, it's really uniquely enabled by our relationships and our position in the industry of working with doing all the data center decommissioning for the hyperscale community and larger scale operators that gives us the ability to bring a solution, a line of solutions, market commerce can rely on at scale consistently and get the same thing for whatever their needs are as they continue to grow over time. Lastly, really disruptive economics is what catalyzes the opportunity for these downstream markets. I talked before about the TCO benefit to the system being 24% moving to circular, but the TCO to a downstream buyer on a purely equipment basis is actually far in excess of that because then you're not just comparing, hey, what's the opportunity of deferring new manufacturing, but instead you're actually comparing the opportunity to procure circular recertified equipment with the opportunity to procure traditional proprietary much more expensive kinds of equipment. There's an opportunity to bring really disruptive economics to unlock some of these currently blocked markets with really transformational TCO. Good news is it's happening. Lastly, just to close, I mentioned some of the financial opportunities at the beginning. This really is our shared opportunity and our imperative given the growth and the scale and the immense trajectory that we're on as a collective industry. We think again, there's a $50 billion opportunity for paper scalars to recover value. That is motivation for them to work with companies like IT Renew to help enable a circular industry and help enable the downstream markets. On the flip side, there's this $10 billion a year market that is currently estimated to be blocked by both budgets and access and that could benefit from and could be catalyzed by recertified or circular equipment. Again, shared interest in success and in connecting the dots. We have the Sesame product line that creates that connective tissue and enables us to actually implement this now. Then we have the TCO and the NetCO2e savings of coincidentally 24% each when moving to a more circular model. Finally, the last point I would make is half of the world is still not online. The UN has a sustainability goal, one of the 17, which is about universal access with the benefits of that obviously being both humane and personal as well as for global economic growth and so forth. Yet there is forecast about $100 billion gap in IT infrastructure funding that is holding us back potentially from achieving that goal of universal access. My hope and my thesis also is that if we can bring this recertified equipment, bring circular equipment into markets globally with very disruptive economics, with transformational TCO, if we could help unblock and free progress towards this 52% getting on the remaining 50% of people getting online, then that would be a great humanitarian sort of aspect to the story in addition to what hopefully you're beginning to see as really interesting financial and sustainability opportunities. With that, I thank you and hope this is of interest. Thank you so much, Ali. Thank you so much for sharing your insights today. We really appreciate it. Just as a reminder, we are now going to open it up for questions. Please type your questions in the chat box to the GoToWebinar organizer and we'll get to as many of them as we can today. If you do have additional questions, you can also email marketing at itrenew.com. Okay, let's take a look at some of the questions. Ali, we have one that has come in. The question to you is, what has been your response so far about participation in the circular global IT ecosystem? Yeah, great question. I'm very happy to say that the response has been unanimously positive. I think we have definitely seen very large-scale data center operators who are motivated by both the financial and sustainability implications of us helping them architect and affect a more circular model. We see them engaging with us much earlier on in their product life cycles from the point of design, which is really encouraging. We definitely are seeing a lot of industry interest. It's frankly driven by financial reasons. Also, in some places in the world, especially in Europe, driven by regulatory reasons, but also social and cultural reasons and CSR reasons. We have been seeing, as we've been sort of out in the market talking about this for the past six or nine months, we've been seeing a lot of interest with the reveal of the data in the past week. I've seen that jump up in the sense that it helps people to really put data and math behind taking action, which I think is a great thing. We have another question here, Allie. The next question is, how does an infrastructure buyer begin the process of becoming part of a circular data economy? I think it depends a little bit on kind of where you sit in the ecosystem. The first thing I would say, and obviously selfishly, is if you are an infrastructure provider, then you are running IT equipment and you should be asking yourself the question of whether to use circular equipment, recertified equipment, and proven equipment, but still proven and no compromise equipment, is the right thing and is viable for your workloads, for your environment, and so forth. And if you ask that question, I think the answer is yes, for at least some portion of those workloads, but I think that's really the start is to ask. Now, if you're also already running a bunch of infrastructure, then similarly you should be saying, hey, am I decommissioning things in the most thoughtful and strategic way? What timelines am I decommissioning things on? How does thinking about circular data centers and different kind of decommissioning strategies affect my opportunity to recover more value and feed the other downstream markets? So I think the right answer is just to start asking questions about kind of how do you fit in this, right? And anybody who's running infrastructure should be asking both those sides of the question. Okay. We do have another question, Allie, from the group. Let me pull this over. You did talk about Sesame and some of IT Renew's suite of products and services to help orchestrate and drive the innovation behind a circular data economy. Can you talk a little bit more about the technology available to support the transition to get to that circular data phase? Yeah. I think the most, the key piece is that if we think about in the world that we live in, all the hyperscale and large scale data center operators moved to first white box and then open kind of ODM equipment aggressively over the past several years. But they are uniquely able to use it and to deploy it and run it and so forth in a way to design it and to use it and run it in ways that the rest of the world is not able to do. So the technology that has to come to bear to kind of make that same equipment viable and interesting and useful and valuable to lots of other types of deployment environments is it's got to be packaged into solutions that matter. So it has to be tested with common kinds of environments. I mentioned Kubernetes, I mentioned hyperconverged AI and so forth. It has to come with the ability to be supported and warrantied because again those environments don't have the breadth and depth of resources and it has to be able to be supportable. So one of the things that's a really interesting innovation here is that you see things in the industry on the open source firmware front specifically Linux boot and open BMC which enabled this stuff to get out of kind of proprietary firmware and be supported, reflashed and secure kind of going forward. So those are innovations that obviously IT renew is participating in but they're also very actively ecosystem initiatives. So for example the open compute foundation rolled out an announcement this week that's driven by their open systems firmware group which requires that by 2021 to be open compute certified you have to provide your firmware in open source and that's a huge advantage because that helps us all be able to say it's truly no compromise. You don't have to give up support or so forth to be able to to use this stuff going forward. So it's really kind of a combined effort of hardware recertification, remanufacture, refreshing with open systems firmware initiatives that let us be able to bring you know kind of complete solutions to market that can be viable for people outside of the largest environment. Ali you also talked about reversing destructive trends that the industry is seeing at this time great information and groundbreaking data that you showed to support the evolution of a global circular IT system. So from your vantage point where do you see in the next 5, 10 even 15 years where the circular data economy will go and evolve into? I think you know I think it's gonna I think it's gonna take off candidly. I think the economics and the viability of solutions are going to be pretty hard to resist. I think that it is going to enable unlocking of lots of other markets but I think it's not going to be just about equipment. I think it's actually going to be we're going to see a lot of innovation on kind of business models and fully closed loops and reverse logistics and so forth that that enable us all to to orchestrate like a truly circular model with with as little leakage as possible in very significant ways and candidly we're seeing especially in Europe we're seeing regulation that is absolutely going to compel that in addition to the fact that I think just socially we're seeing a lot more conviction in trying to trying to make sure that as an industry we're not you know collectively kind of trashing the planet as we go because we're trying to do good things but that stuff just in the same way that renewables and the power usage of these data centers came to the forefront about a decade ago and everybody rallied to get behind things like PUE and everybody radically changed the way things the way things are done. We're totally thought things like cooling and locations of data centers and hydro and all this stuff so I think we're going to see kind of a wholesale evolution of the way that people you know think about the industry and optimization of hey sometimes I need super fast refresh rates of new equipment and sometimes I don't and I'm going to be have I'll have this this this very fluid and dynamic flow of equipment that is you know that has closed loops architected into its business model as well as the technology. Wonderful thank you so much for sharing out I really appreciate it taking time to answer our questions today we are out of time though at this point we want to thank you so much for everybody who attended and participating with your questions if we didn't get a chance to respond to your questions directly don't worry we will email responses to you so we will get back to you and follow up. If you'd like to reach out to Allie directly you can do so you can email her at allie.fen at itrenew.com her email address is on your screen. On behalf of Allie Fen and myself thank you so much for joining and have a great day. Thank you so much.