Transcript was automatically generated.

Frank Curzio 00:01

What’s going on out there? It’s Wednesday, April 22nd. I’m Frank Curzio, the Wall Street Unplugged podcast.

Frank Curzio 00:06

We bring the headlines and, uh, tell you what’s really moving these markets.

Frank Curzio 00:15

So I have another great interview for you today, and this follows yesterday’s interview of Jason Hine from Telescope Innovations. That’s a robotics and AI company, very small, $22 million market cap, that’s selling its machines to Pfizer and some of the largest pharmaceutical companies in the world. Fantastic company. Jason was awesome.

Frank Curzio 00:35

Definitely give that a listen if you haven’t. We published that yesterday. And if you notice, I’m starting to do more interviews, and even with smaller cap companies, because there’s more people that are leaving some of their top jobs across these industries, and whether it’s,

Frank Curzio 00:54

you know, technology, whether it’s manufacturing, whether it’s infrastructure, uh, and they’re starting their own businesses and these startups. And there’s a reason for that. And when you look at AI, it’s a game changer. And AI is factoring into so many of these businesses where, you know, even OpenAI said it, where it’s the first time in history,

Frank Curzio 01:15

you’re going to be able to have a billion-dollar company and have one employee. And when you have these guys, and yes, they made money for the Microsofts and the Googles and stuff like that, and made all this money, you know, but the amount of money that they can make by starting their own companies with their experience right now and using AI is incredible. And it’s changing the landscape, not just of,

Frank Curzio 01:34

you know, industry here or there, but the entire world. If you listen to this podcast, if you follow AI newsletter, I mean, more money has been spent, and I’m going to cover this in this interview in a second.

Frank Curzio 01:45

In the first quarter, when it comes to funding, in Q1 2026, just ended a few weeks ago, more money has been spent in funding in that quarter than the entire 2025. This is not close to slowing down. It’s getting bigger and bigger and bigger.

Frank Curzio 02:02

And it’s leading to more of these innovative companies where you’re seeing these robotic systems that Jason Hine was talking about, that he sold not one, his second huge system, which I saw personally, uh, when I went to go, you know, he’s a chemistry professor at University of British Columbia, and I went to his lab and saw this thing working, this whole robotic system, and cuts down time,

Frank Curzio 02:21

and, you know, you throw an AI around it, it creates drug discovery, and Pfizer didn’t buy one. They bought two, and they’re working with 15 of the top 20 companies. And now here’s another company, which is a pure-plan AI, and the name of it is VivoPower, who just secured, again, if you have 30 megawatts of power, 40 megawatts of power, 60, 70 megawatts of power, it’s amazing.

Frank Curzio 02:41

It’s a big asset, and you’re going to have the hyperscalers run to you because they’re in dire need of energy. We cover this trend tremendously. They secured 350 megawatts of power, including 80 of these megawatts in Norway, which they closed the deal yesterday. So the CEO is Kevin Chin. He’s going to come on and talk about it. If you don’t understand AI data centers,

Frank Curzio 03:04

why sovereign nations are in dire need of keeping their data secure, it’s not just US-based, how the whole process works in terms of hyperscalers signing colocation deals, this interview is a must-listen to, because if this management team executes, and that’s always a risk, it’s always a risk. But if they execute,

Frank Curzio 03:23

you’re going to see why this could be an easy ten-bagger, because very few people know this company. They acquired a lot of these assets overseas in three major areas, which was less competition. They secured them. You’re going to hear these deals and what this person did to actually get the management teams, which are incredible management teams,

Frank Curzio 03:42

incredible talent from these deals to come along, right? So it’s not just, hey, we sold the company, goodbye, we’re out of here. I mean, this management team is incentivized to make this stock go higher and build this company. They wouldn’t do that unless they thought this was going to be something bigger. So you’re going to about to find out why this company is so great, why Kevin’s awesome. And here’s my interview with him right now.

Frank Curzio 04:02

Kevin Chin, thanks so much for joining us on Wall Street Unplugged.

Kevin Chin 04:07

Pleasure, Frank. Good to see you.

Frank Curzio 04:09

So lots of good news before we get to that part. Uh, I want to, you know, the audience is always curious about our guests and a little bit of background. I always do research, uh, you know, because it’s so easy to talk about the news and talk about everything and dial in. But, uh, I love your history. I love your experience where you have a history of starting,

Frank Curzio 04:28

building, scaling businesses across numerous verticals, uh, across so many different industries, software, media, solar infrastructure, uh, which includes lots of successful exits, and also the successful launch of five separate IPOs. Uh, but this all started with anice cream company, didn’t it? It spanned Australia, Southeast Asia.

Frank Curzio 04:49

I want you to start there, because I know that was a long time ago, but just to show, you know, what you did then, how many businesses you started and created, and what led you to, to, you know, become the CEO of VivoPower.

Kevin Chin 05:00

Yeah, that was, uh, 22 years ago, uh, Frank. And, um, uh, it was, it was actually, so the genesis of that was, uh, a trip to South America. I was there, uh, uh, Christmas, New Year, 2002, always wanted to go. Uh, I was, uh, I was a banker for my sins before that with,

Kevin Chin 05:21

uh, JP Morgan, uh, both, uh, in Australia as well as the US. Um, you know, had, had the great opportunity to, to work and see business, do business around the world. Was in New York during tech boom one. So that was a crazy time, but always had an entrepreneurial bug, if you will.

Kevin Chin 05:41

And, you know, sitting at the top of Machu Picchu in, uh, December 2002, actually it was Christmas Day. I, I just decided to quit. Uh, I wanted to do something different. I wanted to do something entrepreneurial and, and, uh, and sort of get on the field of play,

Kevin Chin 05:59

if you will, you know, as a, as a banker, uh, you are exposed to businesses, but you’re not, you’re not playing on the pitch. And so I, I picked up a book in, uh, in the airport in Chile, and it was a book on Ben and Jerry’s. It was inspired by, by their story, their journey.

Kevin Chin 06:19

And I knew this, um,ice cream business, uh, back in Sydney in Australia, this great, you know, couple, but they didn’t know how to scale it. And so I’m not sure we partnered with them and, um, we started in Australia. We grew up into Southeast Asia as well. Uh, my best buddy and I ran that.

Kevin Chin 06:40

Uh, uh, there, there wasn’t really enough room for, for both of us, and I kind of got a bit bored. So we went back into finance, you know, working for a family office. Uh, and, uh, but, you know, always, uh, felt I needed to, you know, get back out there on the pitch. And so, uh,

Kevin Chin 07:00

and then, you know, through a friend, uh, got involved with a software company, which today is called artificial intelligence, that type of software. It’s natural language, uh, processing. And, uh, this thing was six weeks away from going bust. It was listed on the Australian Stock Exchange.

Kevin Chin 07:20

Uh, I had a look at it, thought it was very undervalued for what it did. And to cut a long story short, you know, put in all my liquid money into that, went hands-on. Uh, thankfully, with, you know, together with the rest of the team, turned it around, saved it, and then we grew it,

Kevin Chin 07:40

um, over the next four years globally. And we’re fortunate enough to sell it to Larry Ellison and Oracle, uh, six weeks after Lehman Brothers. Uh, and so that was, you know, that was kind of what led to the formation of a, you know, of a holding company, if you will, and, you know, uh, getting into sort of different, different industries.

Kevin Chin 08:02

Uh, Vivo actually started, uh, in 2014. And we had, uh, you know, a realization, if, if you like, and, and a, and a conviction that the electrification of everything would be a mega trend, uh, going forward.

Kevin Chin 08:23

And we placed a bet that solar power would, uh, you know, would, would, would really scale and grow. And this was after a visit to, uh, different sort of businesses, um, in the US, including SpaceX, uh, as part of a small group of entrepreneurs. We, we met Elon. This was 2013.

Frank Curzio 08:43

That’s pretty cool.

Kevin Chin 08:43

Uh, and, uh, yeah, he wasn’t as massive as he is today, but, uh, you know, came away from that thinking, solar is really going to, you know, going to take off here, and, and we need to get on, get on the train. And, and so that, that led to the formation of Vivo. It started in Australia. We were too early, you know, for solar in Australia.

Kevin Chin 09:04

So we went to the US, uh, grew the business from zero to 20 millibytes in, in two years, less than two years. And so solar was the hottest sector on NASDAQ in 2016. And we had bankers approach us saying, hey, why don’t you IPO? And we thought, okay, that’s a great idea. Let’s, let’s do it. Uh, uh,

Kevin Chin 09:23

so we spent the whole year, you know, working on it, planning, uh, executing. We went public. Uh, this is, this is a funny story in hindsight. We went public at a terrible time. You know, we went public, uh, four weeks after Trump 1.0. And the week we went public, he announced 30% tariffs on solar panels in the US.

Kevin Chin 09:46

So the mojo, the mojo of the sector and for the stock just, just really, you know, didn’t, didn’t take off. So, but underpinning that, you know, VivoPower is a power company at its roots. And so when we had the opportunity, and this going back to last year,

Kevin Chin 10:06

to start looking at, um, what we call power to X, you know, which is power to X being a use case, that’s the highest and best use of that power. Uh, you know, for, for a period of time, that was, that was crypto mining. But from, let’s say,

Kevin Chin 10:26

January 25 onwards, that had become AI, you know, as, as we all know now. So we started to look at, um, AI data centers, you know, even back in January 25 and came very close to, to acquiring one in Singapore, uh, but decided not to go ahead with that, uh, in, in the end.

Kevin Chin 10:45

Uh, but fast forward to today, uh, you know, big news overnight. We, we closed, uh, Norway, and that’s really transformational, you know, for us in terms of platform, in terms of revenue, in terms of profitability. And so we’re very excited as a team,

Kevin Chin 11:05

you know, and sort of buoyed by the momentum. And we’re, we’re just completely focused on, on execution. And, uh, you mentioned before, you know, the different, different areas that, uh, I’ve been involved in. For me, this is, this is a, this is a generational build.

Kevin Chin 11:24

And my partners and colleagues, uh, feel exactly the same way. They’ve all built businesses, made great investments. They’re independently wealthy, but they’re all in the trenches alongside, you know, building this, because we just see,

Kevin Chin 11:45

you know, a hundred-year horizon in terms of, uh, what, what is in essence, in, in our view, oil fields of the future. So this is akin to what, this is akin to what Standard Oil did, you know, a hundred years ago, or Shell, for that matter, on an international scale. And, and I know that really well because I,

Kevin Chin 12:04

I grew up in a little place called Brunei. Uh, Brunei has a lot of oil. It’s, it’s near Singapore.

Kevin Chin 12:14

And, uh, you know, for a century, Shell has been the biggest, uh, corporate company in Brunei and has contributed to the build of that country, that society. And we see the same thing sort of manifesting, you know,

Kevin Chin 12:33

with AI data centers where we’re talking about, instead of oil, we’re talking about intelligence. We’re talking about sovereign knowledge and intelligence. So yeah, we’re, we’re pumped. Uh, we’re excited. We’re working hard, too hard, according to my wife.

Frank Curzio 12:51

Yes, that’s usually the case. So that’s the hardest thing, right? Balancing family and balancing, especially when you’re growing, right? Uh, but it’s, you know, when I, when I, have you ever seen anything like this as someone has, you know, decades of experience? Uh, I haven’t had 30 years, 30 years of experience. I’ve never seen anything when I pull up this chart,

Frank Curzio 13:11

uh, the AI funding that’s taken place where, you know, people are worried that this could slow down. And you hear that pretty much by the bears who, who were bearish on this and not in this trend at all. When I look at something like this, global AI funding, this is 2026 Q1 just came out, 226 billion.

Frank Curzio 13:26

And look, this is from OpenAI, Anthropic, XI, but 226 billion is Q1. That’s more than the total in all of 2025. And the spending continues. We’ve seen deals on top of deals on top of deals. I mean, it’s, you know, Bloom Energy and Oracle, Microsoft, I mean, these are deals in the past couple of weeks, right?

Frank Curzio 13:46

Um, uh, Meta and Broadcom for chips. Uh, you know, SoftBank again took over a digital company that for real estate. It’s just, have you ever seen anything like this to the point where, you know, you feel like it should be later in the trend? But every time I look at this, the amount of money that’s spending and what AI is capable of, I still feel like we’re in the very early ends of this incredible trend.

Kevin Chin 14:06

Totally, totally agree. And, uh, you know, we, we, we looked long and hard at this. And, you know, we were surmising ourselves, you know, is, is this just a, you know, a bubble sort of compressed into a very sort of narrow window? And actually,

Kevin Chin 14:26

it’s not because if you look outside the US, where most of the investments, you know, taken place, there are entire geographies and nation-states which are way behind in terms of where they need to be, uh, to have the capability to, uh,

Kevin Chin 14:45

house, you know, sovereign intelligence, if you will. And that’s why we’re very focused on certain markets outside the US, you know, the Nordics being one, the GCC as in the Gulf states being another, and, and certain parts of, of Asia.

Kevin Chin 15:02

And I know this for a fact that through the engagement we have at a sovereign level, where our partners and some of our co-investors are, you know, the highest echelons of, uh, uh, different, uh, countries,

Kevin Chin 15:18

what they talk about as being of strategic national importance is the ability to house not just their data, but their intelligence. You know, everyone talks about data as the new oil, but actually its intelligence is not the new oil. It’s, you know, the essential DNA, if you will, of a nation.

Kevin Chin 15:39

And, um, uh, and I won’t name which country, you know, we’re, we’re sort of close to the leadership in one particular Southeast Asian country. And one of their top three priorities is how do they move their sovereign data and intelligence that currently sits 90% plus in clouds in India.

Kevin Chin 16:02

And, you know, no, no issue with India. They have great relations. But, you know, you think about it, you want to have that data and that intelligence in your own sort of data centers in country. So I, I think there’s a long way to go still, particularly outside of the US in terms of that,

Kevin Chin 16:21

this sort of investment, if you like, as it’s almost, uh, a national interest dynamic.

Frank Curzio 16:30

Let’s, so let’s, let’s get into Vivo. Okay. So what you acquired, uh, you know, I don’t think people understand how much, you know, power that you have in terms of megawatts. And this is in January. I made this announcement. So I OGDC, I mean, 291 megawatts of power. We see a lot of, it’s Bitcoin miners. They have, you know, 30 megawatts, 50 megawatts, 291 megawatts of power.

Frank Curzio 16:52

I mean, you know, what, what is the plan here? Because you have this news and then you follow up with, uh, you know, just news of, of today, right? Which you’re closing of the deal for another 40 plus megawatts with 80, you know, up to 80 capacity. Uh, talk about this, because you just went into it a little bit where people used to,

Frank Curzio 17:12

okay, well, we have the US data centers and, you know, you have power, but, you know, you’re talking about a totally different market. And what we’re going to learn is a totally different strategy. Because it seems like for anyone who doesn’t know the industry, it’s all power companies are equal. If you have a lot of megawatts, you could sign a co-location deal. I mean, it’s, okay, you could have, uh, you could be running these services.

Frank Curzio 17:32

I mean, you know, your strategy is different and you’re targeting different areas, especially overseas. Talk about that. And, you know, what made you go after? You talked a little bit about, you know, the sovereign nations and the data and everything, but it seems like that dire need for what you’re doing. It’s not just, hey, let’s just get these assets on our books and, and, you know, they’re going to be valued. It’s tier three and A1, you know, tier, tier three assets as, as AI.

Frank Curzio 17:53

But you have a strategy behind this of where you’re buying this, what countries you’re buying it, explain that and, and how this came to fruition. Because all of a sudden, since January, you’re sitting on 350 megawatts of power, 350 plus.

Kevin Chin 18:07

Yeah, yeah, good question, Frank. And, you know, from, from the outside, I guess it, it looks like, okay, these guys have just, uh, decided to pivot into AI data centers and hey, presto, you know, a month later, they’ve got 350 megawatts of, of announced, uh, uh, capacity. As I mentioned, we,

Kevin Chin 18:25

we, we’ve actually been looking at AI data centers for over a year since, uh, December 24, actually, and came close to acquiring one, uh, you know, back then, decided not to proceed. Felt it was the wrong, it didn’t tick our three sort of key criteria.

Kevin Chin 18:46

And I’ll come back to what that is. Um, and, you know, even going back to 2021, I believe it was, we, we first coined the phrase of power to X back then.

Kevin Chin 18:59

Uh, so this is, this has been, you know, as, as many things are, this, this has been manifesting for a while behind the scenes and, uh, culminating in, you know, what we’ve, what we’ve announced in, in the last, you know, two months, really. Uh, so let’s, let’s go back to, uh,

Kevin Chin 19:19

the Shell example that I gave, you know, the, the oil fields and what happened in oil, uh, if you rewind a hundred years. And, um, so we, we, we think we’re, we’re at that stage of the innings, you know, for AI data centers. Our strategy is very deliberate.

Kevin Chin 19:39

And, and to your point, not all power companies are made equal. Not all AI data center or infrastructure companies are made equal. Our strategy is very deliberately one that is bricks and mortar. And what do I mean by that? It means that we are focused solely on acquiring,

Kevin Chin 20:01

developing, building, and leasing out the land with a powered Shell, as in the building, the data center building itself, to tenants. And who are these tenants? The hyperscalers. Everyone knows who they are, the big boys. It’s also the Neo Clouds.

Kevin Chin 20:20

And there’s some very big, very great companies in, in that, uh, in, in that cohort as well. And for that matter, sort of nation-states, uh, and, you know, government departments, et cetera. So the, the, the example I, I give is that let’s take the hotel industry.

Kevin Chin 20:40

So in the hotel industry, you have an asset owner that owns the land, that owns the building. They’re not the operator. They’re not a Hilton. They’re not a Marriott. But they will lease it out to the Hiltons, the Marriotts of the world once they’ve built it. And typically on long-term triple net, uh, leases.

Kevin Chin 20:59

So that, that’s our strategy. And what’s, and the whole sort of industry knows this, right? And everyone talks about it. Jensen, Elon, Eric Schmidt, the choke points in this whole game is power, cheap power. And we think power becomes an asset class in its own rights.

Kevin Chin 21:21

Uh, and, you know, in terms of, you know, and there’s also a lot of conjecture about, okay, you know, how much power does inferencing really need training, et cetera? In the long-term, technology is going to get better. I think again, we’re missing, for example, physical AI in terms of robots. That, that’s going to need a whole ton of power as well. And that’s, that’s only just started.

Frank Curzio 21:42

Nobody’s modeling for that.

Kevin Chin 21:45

Nobody’s modeling for that. You know, we got an incredibly, we got an incredibly smart guy on our advisory board, Professor Hugh Durant-White. So Hugh, I’ve known for, you know, almost 15 years. So he was the former chief scientific advisor for the Ministry of Defense in the UK. Uh, in essence, he’s the real-life Hugh from James Bond, or he was.

Kevin Chin 22:07

And so he, I’m, I’m not the, the smart, he’s the smart guy. And he said, “Kim, you should have a look at power to X.” And that, that was, you know, that was how that sort of germinated. Um, and, uh, so, and he’s, he’s an expert in robotics. And, you know, so he said, “Yeah, people are completely underestimating what’s going to be needed here.” So yeah,

Kevin Chin 22:29

going back to strategy, focus on bricks and mortar. We don’t take on technology risk, meaning we don’t buy GPUs to put in the power shells to then rent out. And, and that’s a very lucrative game at the moment, very high margins.

Kevin Chin 22:48

But we don’t feel we’re smart enough to understand where that technology is going, you know, what the obsolescence risk is. We don’t feel we need to take that risk because the returns from the development and the refinancing of basically this bricks and mortar play, right,

Kevin Chin 23:09

are, and rewinding to your earlier comment, is nothing like what I’ve ever seen before. And, and I’ve, you know, I’ve invested in commercial real estate development, residential shopping centers, airports, toll roads, uh, you know, early days of data centers, you know, fortunate enough to, to invest in that.

Kevin Chin 23:31

But the economics of development in this game, particularly in the jurisdictions that we’re playing in, uh, are very good. And, and, and yes, there needs to be compensation for that, for that risk. Uh, so then as we turn to your question of, okay, why these geographies?

Kevin Chin 23:51

Why are we in the Nordics? Why are we in the GCC? Why certain parts of Southeast Asia? Three key criteria. Number one, there has to be an enduring source of power that is ideally renewable, that is five cents per kilowatt hour or less.

Kevin Chin 24:15

And the best form of power, and let’s, let’s put aside, you know, debates on nuclear, et cetera, and fusion at this stage, you know, the best form of power for AI data centers is hydropower. And it’s renewable.

Frank Curzio 24:30

Why would you say hydropower for? I’m curious. That’s a great answer.

Kevin Chin 24:34

So let’s, let’s, yeah, let’s compare it to say solar or wind. And so no one’s really taken a leap of faith in terms of the data center developers to have power supplied exclusively by solar or wind. And the reason for that is intermittency.

Kevin Chin 24:49

You know, and batteries haven’t really been economic enough in many jurisdictions that they are now because battery prices have sort of come down. Uh, but hydropower is constant. Um, as long as the water or the dam is not prone to droughts, and that is a thing nowadays,

Kevin Chin 25:10

uh, and that can happen. But in these precincts that we’re focused on, that, that’s not the case. Uh, so, uh, with respect to the Nordics, you know, an abundance of, of hydropower. Uh, and, uh, so, so that’s number one, you know, cheap, ideally renewable, sub five cents per kilowatt hour power.

Kevin Chin 25:33

Number two is the ecosystem must have sovereign support for AI data center builds. And as we’ve seen already, you know, in the US, in, uh, the main parts of continental Europe, if you will,

Kevin Chin 25:52

uh, it’s happening even in Australia, it’s actually happening in even in parts of Asia, that there is now political and societal pushback against the builds of these things because people are thinking, hang on a second here. These things are using up so much of our sovereign power. They’re taking our water.

Kevin Chin 26:13

Actually, they’re not creating many jobs. In fact, they’re potentially cannibalizing jobs. So we need to step back and think about this a bit more. So, you know, Malaysia, for example, was all gung ho on building these things, you know, 18 months ago. They’ve actually put a, you know, moratorium on builds for now as they think about,

Kevin Chin 26:32

you know, how does the nation itself benefit? So there has to be that sort of bipartisan support. And in the Nordics, that’s absolutely the case.

Kevin Chin 26:44

And I guess they’re not so, uh, concerned is not the right word, but that they, you know, that they’ve got a lot of large sort of landmass that’s remote and they can see the opportunity to leapfrog from a, you know, nation, national prosperity and productivity perspective by supporting these,

Kevin Chin 27:05

these builds. Uh, so, so that, that’s criteria number two, that there has to be support, not, not sort of pushback. Uh, and number three is they must be in jurisdictions where, as a team, we have connectivity at the highest echelons of the sovereign apparatus, if you will.

Kevin Chin 27:26

And that’s governments, that’s sovereign wealth funds, that’s in some countries are run by families, right? Sovereign families. Um, and in all of these markets, we have that.

Kevin Chin 27:36

So amongst, uh, sort of co-investor cohort, if you will, in, uh, in VivoPower, we have Emirati family offices linked to the ruling families of Dubai and Abu Dhabi. Uh, in Europe, you know, one of our key partners and team members,

Kevin Chin 27:57

uh, is a member of one of the, you know, the, the, the longest established families in Europe. And so, so through that, you know, we, we have connectivity, you know, amongst the various principalities, including in the Nordics, in Southeast Asia, where I grew up and I’m from, uh, you know, the folks I, I,

Kevin Chin 28:17

uh, wasted part of my youth having fun with are now in, you know, decision-making, uh, positions. And, uh, you know, that, that, that’s conducive to being able to, you know, socialize these issues and come up with solutions and, you know, investments, et cetera. So that’s why we focused on these markets.

Kevin Chin 28:39

And, and overarching, you know, all of this in, in all of these markets, we have, uh, I would say less competition. So it’s more of a blue ocean, so to speak. Uh, and yeah, so that’s how it’s all come together. We, we don’t intend nor want to be everywhere.

Kevin Chin 29:02

If we do this and do this well, that’s what we’re super focused on executing on this in these three, you know, jurisdictions, if you will, that’s five to 10 gigawatts of power over the next five years. So we, we don’t really need to, which is plenty, you know, plenty, plenty.

Frank Curzio 29:25

Now, what I really loved about this company and loved about meeting you and talking to you over the past few months is being, yeah, yeah, doing this for 30 years in finance, the way you structured these deals was incredible. And I think people fail to look at that. They see the idea just like SPACs, right? Everyone’s like, SPACs are great. This is awesome.

Frank Curzio 29:43

They have no idea what’s under the hood, right? They don’t understand the founder shares. They didn’t understand the warrants. It’s why 95% of them are down 90% plus. And it’s not that bad companies. It was just, you know, assets that were 300 million that they would sell them for 2 billion to people who just, you know, thought $10 was a cheap price. They didn’t look at how many shares outstanding or nothing. When I really looked into the details of,

Frank Curzio 30:02

of, of your two biggest transactions, the one today and also from OGDC, uh, what I love is the way you structured it. I, because not only were you able to, to, you know, again, 291 megawatts of power, but talk about the acquisition, right? Because you had the conversion price of $15 a share, which not only that,

Frank Curzio 30:22

you have these co-founders, 75 years of experience, and you talked about the people who you brought on, on board in terms of your management team, you know, Alex Cuppage. And then you have, you know, Philip Unwolf. He was, that’s the person you talk about in Europe.

Frank Curzio 30:35

I mean, you’re structuring these deals where the companies that you’re acquiring, you’re making sure that the experienced people from those management teams are not only part of your company, but are going to benefit tremendously if this thing is successful later on. And that’s really what I loved about your company.

Frank Curzio 30:51

It’s not just, “Hey, we’re acquiring these assets.” It’s everyone involved in these assets seem to have a stake behind it. And now you’ve built up this incredible management team. Talk a little bit about that because that takes a lot of skill. Uh, it takes a lot of patience. Uh, you know, people have to check their egos at the door. That’s not an easy thing to do.

Kevin Chin 31:09

Yeah. No, it’s, uh, it’s, it’s a great point, uh, Frank. And, um, you know, it’s very rare for someone to actually notice that and spot that, particularly in financial markets, right? Where, you know, tendencies, it’s all about numbers, et cetera. But it’s, it’s actually as a, as I tell the, the younger troops and across our teams,

Kevin Chin 31:29

finance is actually a people game. And, uh, uh, and, and you know, this, this comes from, uh, candidly, you know, live experience, mistakes made in the past, including with vivo, right? You know, assembling the right team and more importantly, the right sort of incentives is critical. And I guess in terms of,

Kevin Chin 31:49

uh, this leadership team that we’ve assembled now, what is a common bond is that we are genuinely, as a team, focused on building for the long term. This is not a three to five year flip play. Uh, this is, you know,

Kevin Chin 32:08

what, what can we build here that is generational, uh, and that our kids will be proud of as well? That, “Hey, the old man actually built something.” And, uh, so, uh, so yeah, that’s, you know, that’s the driver.

Kevin Chin 32:29

And, and you know, I, I guess what I’ve learned through trial and error and mistakes is that it’s a great way to filter, if you will, for long term. Because every, everyone says they’re long term, right? Everyone says they’re long term.

Frank Curzio 32:42

You’re right. Everybody does.

Kevin Chin 32:43

Uh, but there’s different, different definitions of long term is, as you know, you know, so you’re talking to someone, long term could be two hours. Um, and, uh, so, uh, so when we say that, “Hey, we’re going to commit here to a price and evaluation where we take some of our incentive compensation,

Kevin Chin 33:05

whatever you want to call it, at a future value that we are incentivized to hit and beat,” that aids a great filter because those that don’t really subscribe to that, they’re gone. You know, they just run away, uh, like, like that.

Kevin Chin 33:27

Um, that’s, that’s, that’s number one. Number two is, and this was harder to, to convey, especially to folks who don’t have, you know, so much public markets experience, the reflexivity of pricing at a discount in this day and age where, as you know much better,

Kevin Chin 33:50

it’s, it’s a self-fulfilling negative dynamic where, you know, basically you, you, you drop down to the levels that you sort of price that. You’re not getting a discount really. You’re actually perpetuating a discount. And so, whereas if you go the other way,

Kevin Chin 34:10

you know, you’re setting a bogey or a target to hit and we’re all incentivized for that. And it’s more likely, you know, as we execute and deliver, the stock will go up and value will be created, you know, for all in that sort of way. Uh, so yes, you’re right. That’s not an easy thing to do because most people will go,

Kevin Chin 34:30

“Nah, nah, I don’t want to, don’t want to play ball.”

Frank Curzio 34:34

No, they don’t. And then today’s news, right? Which, which, you know, it’s to pull a deal like this off, right? I mean, it’s, it’s, you know, right away, you know, this acquisition is going to make you profitable. It makes you, you know, I don’t want to say real company, real company, but you know, it changes the dynamic, right? It puts you on the map.

Frank Curzio 34:53

Now the hyperscalers could see this, right? It’s, you know, becoming, you know, EBITDA profitable all because of, you know, there’s no way that that acquisition that you just closed out and you, yeah, you talk about it. Just, uh, you know, again, uh, activate social relation potential AI tenants, uh, you know, just securing it, uh, confirm analyze revenue of 31 million and 10 million analyze EBITDA.

Frank Curzio 35:15

I mean, this happens right away. I mean, it’s immediately creative. How do you put a deal like this together?

Kevin Chin 35:23

Uh, with patience, with a focus on the relationship aspect. And, you know, we bought this off a group that we’re, we’re, we’ve become very close to, uh, we’ve become friendly with, where there’s a genuine sort of partnership ethos on both sides. You know,

Kevin Chin 35:42

they’ve taken 25% of the consideration in stock at, at a premium at $4. And they’re not, they’re not complaining about the daily gyrations, the stock price. They’re aligned with us. They want to help us. I want to help them. You know, they’ve got another site in Norway that’s 150 megawatts. Uh, and so it’s,

Kevin Chin 36:04

it’s, it’s that sort of relationship building, uh, sort of long-term mindset where, you know, both parties want to see each other win. It’s not a sort of adversarial sort of dynamic. And so, you know, this is, this has been in the, in the works since, uh, when was it, uh, September last year?

Kevin Chin 36:24

So it’s, it’s taken a while. And, um, uh, you know, there are all sorts of approvals we needed to get. Uh, but, uh, I would say that that’s the main, the main, uh, critical success factor, if you will, these type of deals is just a genuine focus on partnership and relationship.

Frank Curzio 36:44

No. And also when it comes to your management team too, and if you look at it, you know, again, Alex Cuppage amazing. Uh, you’re looking at Chainwheel and Where, what do you see? Google, AWS, Meta, Salesforce, right? But one of the biggest things that I think, uh, that, that I would love to talk to you about is this right here. And this just happened, right? This wasn’t even that long ago. I don’t know if you have the date on here,

Frank Curzio 37:04

uh, but this was, you know, a couple of weeks ago. Uh, how did you land her? And I’m probably going to destroy her name. So I’ll say Mrs. Mustafa. Uh, but how did you land her? I mean, talk about, yeah. So, so Microsoft, huge, 20 years of experience. She even says 25 years, but I know 20 years. AI, uh, just brilliant, understands this industry.

Frank Curzio 37:24

And not only that, just the international focus where she’s been every place. Uh, how do you land someone like this to, to, to, to be an advisor?

Kevin Chin 37:35

Yeah. So Khadija’s awesome. So she’s, uh, you know, a wealth of knowledge, obviously, but, uh, also, you know, her Rolodex is incredible. Uh, but she’s just also just very sharp, very incisive, challenges us. Um, and, you know, and actually the, the early genesis,

Kevin Chin 37:53

I can share this with you, Frank, uh, from a strategy perspective, we thought, okay, let’s, let’s, let’s make ourselves the number one player in Europe. And that, that was, you know, back in September last year. And Khadija connected to us, I think it was through Alex actually initially.

Kevin Chin 38:16

And, you know, you connect, you talk, and then you find out, ah, you’ve got all these people in common. And that, that social proofing, it’s just normal, right? In terms of, uh, connect, connections. And, um, so we shared our strategy, we shared our vision, we shared our ethos.

Kevin Chin 38:36

Uh, VivoPower is a B Corp, and I’ll come back to that, that in a second. And in particular, that B Corp accreditation and more importantly, the philosophy and the values that behind that really resonated with, with Khadija. I’ll come back to that as I mentioned.

Kevin Chin 38:56

But she challenged us, you know, back, I think it was in October last year, she said, just be careful about the focus on Europe because, you know,

Kevin Chin 39:06

the main and biggest countries in Europe are pushing back against AI data centers. And that may not be the right thing for a nation to do from its long-term prosperity and productivity. But, you know, in the near term, leaderships of political leaderships are focused on votes.

Kevin Chin 39:28

And, uh, so, and, and sure enough, that, that, that’s sort of indeed played out even more so where, you know, getting grid connection now, whether you’re in Germany, you know, France could take you up to 10 years. Um, and that, that just doesn’t work, right? You know,

Kevin Chin 39:47

in terms of the, the strategy and what, uh, the tenants want. And that’s why we changed and evolved to, okay, let’s, let’s, let’s think about where we want to be and what, what the key criteria is. And so she really sort of helped, uh, us to, to shape that. And she’s very thorough,

Kevin Chin 40:07

uh, very focused in terms of, you know, DD. So, uh, again, you know, she did a lot of work before signing up. Um, and, uh, so we’re, but we’re delighted to, to have her on board. So let me come back to B Corp.

Frank Curzio 40:22

Yeah. No, definitely.

Kevin Chin 40:23

So B Corp’s an accreditation. It’s, it’s super fast growing actually. You know, Ben and Jerry’s was one of the, the, the first B Corps. The most famous one’s probably Patagonia. And what it is, is commitment to the triple bottom line. What is the triple bottom line?

Kevin Chin 40:43

It’s, it’s people, profit, planet. And this is not a, you know, a tree hugging charity type of dynamic. This is for profit, but it’s for profit in a sustainable manner. Again, you know, building for the long term where we’ve got to be minded about other stakeholders,

Kevin Chin 41:03

you know, uh, in, in the equation. And, you know, I think even more so for what we’re doing now, really understanding the social license to operate in a country in particular. And one of our playbook elements,

Kevin Chin 41:23

if you will, of strategy is that we will reinvest back into the countries that we build these data centers, you know, whether that’s, you know, contributing to schools, airports. And, and, and it’s for profit, right? It’s not for profit. And it’s exactly what Shell and actually Standard Oil did this, you know,

Kevin Chin 41:41

in America, um, where they started to make so much money, they started to, to give back, uh, for profit, not for profit. And that sort of nation building ethos and values also resonated with, with Khadija.

Frank Curzio 42:01

You know, I’m glad you mentioned the B Corp status because, because I, I would say from, from, you know, I would, if I was an advisor, I’d be like, it’s not such a big deal in the US because we have an administration that doesn’t really focus as much as the environment where the last administration forced it down your throat, right? It’s like such odd ends. Like there’s such a middle here that,

Frank Curzio 42:20

that everybody could agree on, I think. And just to hear you say about that and educate me on it and saying, yeah, Mrs. Mustafa, that’s the reason why she came in because of this and how, you know, looking at it from international where lots of countries really care about this because you’re, you’re putting more money into, you know, a lot of things that they care about, uh, it makes a lot of sense, right? So for me,

Frank Curzio 42:39

I’m glad you said that because from my perspective, I’m like, yeah, they say they’re a B Corp. I don’t know if that’s a big deal. You explain right now why it is a big deal, which is really cool. So I love learning new things as well. Uh, and that’s great. That’s great for you because, uh, you know, isn’t it like it doesn’t, aren’t you, isn’t there a, like, I don’t know if it’s a point system, but apparently there’s like levels of it, isn’t there? Isn’t, aren’t you very,

Frank Curzio 42:57

very high on that or is it just yes or no? You’re a B Corp or not?

Kevin Chin 43:01

No, there’s, there’s points and there’s a level and it’s, it’s not easy to get, you know, and it’s become harder because it’s become, you know, membership’s growing by 40% per annum, but they screen, uh, the screens are getting tighter. You need to recertify every three years. So I tell people, you know, the elevator one-liner is this,

Kevin Chin 43:22

it’s like ISO 9001 on steroids. You know, they really trawl through, you know, your architecture and your values as a company. Uh, and I’ll say this, just, just going back to what you said, I, I, I agree. You know, it’s not just the US, right? But other, other countries, it’s, there’s such a polarization.

Kevin Chin 43:41

It’s almost like, you know, religion, uh, where you’re either super hardcore green or you’re the other way. You know, uh, don’t believe in it. I think the answer’s in the middle, uh, and that there has to be a transition.

Kevin Chin 44:00

There has to be economic viability to it as in it’s green, not just environment, but green dollars. It makes sense, you know, economically. And, you know, we’re getting to that paradigm and it’s, it’s the same thing with electric vehicles, right? I always felt there was too much sort of fanfare about EVs.

Kevin Chin 44:21

Ultimately, as a business owner or as a consumer, you just want the thing to be able to go and cost less, you know, to take you from A to B. Uh, and, uh, so yeah, I mean, we’re, we’re not zealots. We’re realists and pragmatists and we, we see, you know, a need.

Kevin Chin 44:42

And, you know, for example, we operate in the Philippines where one third of the country’s emissions come from these public utility vehicles called jeepneys. And that’s terrible for health, for environment, for society. So, you know, the, the national dividend from electrification of those is, is going to be huge. Sorry, I digressed a bit.

Frank Curzio 45:07

No, no, no. It’s great. It’s great. No, I get it. I get it. So, so I want, let’s turn the page and talk about your next steps. Now that you have these assets, what can shareholders, what can investors look forward to? What’s going to get them excited? Because it’s not just, again, having these assets. Now you have the right people in the right places. You know, again, we just talked about Mrs.

Frank Curzio 45:26

Mustafa, Microsoft 20 years, other people very familiar with selling this kind of real estate, uh, to, to some of the hyperscalers. And now that you have all these assets together, I mean, it’s, it’s not, I feel like people with power, these companies, even small companies with power, they don’t have to go and pitch these hyperscalers. I feel like the hyperscalers are going to come to them because they’re in desperate need of power, right? They’re in dire need of it.

Frank Curzio 45:46

Uh, talk about the strategy, what investors have to look forward to. Talk about, you know, the model and everything and, and, uh, you know, going forward. Because I, I feel like the hardest part was getting all this together. And now here we go. Now here’s the next stage. Now, you know, it’s going to get a lot of fun.

Kevin Chin 46:01

Yeah. So the single biggest value driver for, for, for shareholders is going to be signing up with, you know, creditworthy tenants that are AI focused. And so they’re the sort of hyperscalers of the world,

Kevin Chin 46:22

Google, Microsoft, you know, et cetera. They’re the Neo Clouds of the world. Um, and there’s some really big boys out there. And you’re right. You know, one of the positives about being listed is that when you share news, it gets sort of amplified. And so we’ve had a lot of inbound just,

Kevin Chin 46:44

just, you know, look in my inbox now, um, and people are approaching us and asking, hey, you know, we’re interested. We saw your announcement. We’d be interested in having a discussion. So the next biggest single value driver is signing up,

Kevin Chin 47:02

you know, AI tenants. And we’ve seen this movie before with, with other players in the market listed that that’s, that’s the real sort of catalyst, right? That, that really step changed the company, the stock price, the market cap, the engagements.

Kevin Chin 47:22

Um, so that’s what, that’s what we’re super focused on over the, the course of this quarter.

Frank Curzio 47:27

You’re really cool on social media too. Like when you see other companies, even, you know, I don’t know if they’re calling competitors because you’re focusing on another area of the world, but I feel like you’re always like complimenting or congratulating and, and, you know, seeing people in, in kind of the same trajectory of that growth and everything. I always see you very complimentary even, even to other companies when they are able to sign deals and stuff. So.

Kevin Chin 47:47

Ah, it’s, um, you know, years ago when, when we were playing that software, not playing, we, we were invested in that software business. You know, we, we were advocates of co-opetition, not competition. Because actually this played out in another sector I was,

Kevin Chin 48:05

I was in and, uh, you know, I got to know the, the, the owners of all our competitors and, and the main one, I remember saying to him, hey man, I wish you, I wish you Godspeed, everything positive for your,

Kevin Chin 48:26

your sale process because, you know, I want you to, I want you to, you know, get the biggest multiple possible. Um, because, you know, it’s going to benefit the whole sector, right? Including us. Uh, conversely, please, please, please don’t sell below this multiple. So, uh,

Kevin Chin 48:47

so yeah, I, I think, you know, the, the, the space is big enough. We want, we want our peers to succeed because if they succeed, we can learn from it. We can benefit as an ecosystem. Um, I think too much time is focused on being adversarial as opposed to,

Kevin Chin 49:06

you know, building, not necessarily collectively. You know, there’s, there’s always competition, but, uh, you can be gentlemanly about it, I would say.

Frank Curzio 49:17

No, that’s great. And, and signing up from what I hear at other companies I cover in this sector, it seems like, you know, even you, you have the right people on the board and the management team that currently, that, that seem like they have contacts with, with, with some of these hyperscalers.

Frank Curzio 49:29

It seems like, you know, now that you have a lot of this stuff in place, and I know you can’t really say, but, uh, are you guys ready for a Google and Microsoft to sign with you right now now that you have this, or is it a whole process and we’re almost there type of thing? Is it six months or, or, you know, if they came to you today and said, we want to sign a deal, you’re able to sign it right now?

Kevin Chin 49:48

Yeah, absolutely. We’re, we’re ready. We’re ready. We, we spent a lot of time just in terms of the architecture. So we got great folks, you know, at leadership level. Uh, there’s a few spots on the roster we still want to fill out, but we’ve also been very focused on making our architecture behind the scenes as in,

Kevin Chin 50:08

uh, the back office, middle office support architecture as AI native as possible. So I, I, I have, I have 36 AI agents and, uh, it’s a, it’s a game changer, Frank. It’s an absolute game changer.

Frank Curzio 50:22

No, it definitely is a game changer. Well, listen, congratulations on your success so far. I know it’s a long way to go, but just, you know, closing that deal today, uh, closing all the other deals, if you look at just your news flow on your website since January, it really is incredible. Everything that you’ve done, just positioning the company, taking away the ATM, this way there’s not dilution, creating these great deals with not a lot of dilution.

Frank Curzio 50:42

It’s, you know, you really feel like the shareholders are in your corner here, uh, for this, for this trend to, to happen, not just in the short term, for the long term. And I think, uh, you know, I think once this word gets out, I still feel like you guys are under the radar. You’re going to see more people covering you, especially with this, these people covering companies with 50 megawatts of power. And for you to have that much, uh, more power than them,

Frank Curzio 51:01

I think it’s just a matter of time before you get more coverage. And I’m glad we’re early to this. I think, uh, shareholders are going to be really happy.

Kevin Chin 51:07

I appreciate it, Frank. And thank you. Uh, thank you for your interest and, and time. It’s been a pleasure talking to you. And, uh, yeah, you know, we’re all shareholders ourselves, right? We, I’ve been buying, buying the stock and, uh, you know, my wife goes, but we, we can’t eat VivoPower stock. I said, don’t worry, you know, we’ll be fine.

Frank Curzio 51:25

You’re fine. Well, I’ll leave you with this. Uh, I would love to also interview Mrs. Mustafa because I would pick her mind. Uh, she’d probably get annoyed at me, but man, just 25 years of experience at Microsoft, especially within AI, uh, I would love to get her on the podcast too, if you could hook that up because, uh, yeah, I just love educating investors, educating myself. So yeah, definitely.

Kevin Chin 51:44

Done. I’ll, uh, I’ll mention it to her. I’ll say you’re a good guy and, uh, she’ll do it, I’m sure.

Frank Curzio 51:49

All right. That sounds great. Well, listen, hopefully you join us again soon and congratulations on news today. And, uh, we’ll talk real soon.

Kevin Chin 51:55

All right, Frank. Have a good day. Take care.

Frank Curzio 51:57

You too.

Kevin Chin 51:58

Bye-bye.

Frank Curzio 51:58

Take care. You know, I love this business model, providing the real estate for sovereign nations, locking in the power internationally. And talk about regions of Finland, Norway, UAE. If you notice in Finway, Norland, cooler climates, very, very important. Uh, electricity costs are, are, are less expensive, which he covered.

Frank Curzio 52:17

I didn’t want to get too much into the weeds there. The deals that Kevin signed are incredible. And hopefully I came out of the interview and he really appreciated that because I love looking under the hood. That’s my job. That’s what people encourage you to one, pay me for it. We get into private deals because you could have a private deal. It could be the most amazing company. If the deal structure is like shit, you’re done. That’s what SPACs are all about.

Frank Curzio 52:37

But just closing this Norway deal, it’s going to generate 31 million in revenue annually for Vivo. This is a tiny company. It’s a small company, right? With a $140 million market cap and 10 million EBITDA. And if you look at those numbers, you say, well, why would this happen? It’s because there’s another site that this company owns that they needed cash for.

Frank Curzio 52:56

They needed cash coming in. They needed, you know, a nice check being written. And this way they could, you know, push a lot of that money into, I think it’s a 150 megawatt project that they have. So they sold this one, which is, I believe it’s four, a little over 40 with the capacity to go up to 80 megawatts. But if you look at 30 million in revenue now, this company should be trading minimum at 10 times sales,

Frank Curzio 53:16

minimum 10 times sales when you’re in a huge growth industry. A lot of these names trade at 20, 30 times sales. I think Palantir trades at like, you know, whatever, 150 times sales, whatever trades at, which is insane. Uh, but if you’re looking at just 10 times sales, it’s a $300 million market cap. It should be double where it is right now. When I look at the rest of the fundamentals and I cover this tier one power,

Frank Curzio 53:37

tier one is Bitcoin mining and your tier three, when you transition into tier three, it’s the value of that megawatt because tier three is AI goes up tremendously. It goes up 10 to 15X and it costs a lot to actually transition. We saw that with Oracle, right? So these guys don’t have all 350 megawatts of power online.

Frank Curzio 53:58

They have them though, right? So now it’s little by little, kind of what DGXX is doing. And they just signed their first contract and they’re probably going to get a huge co-location deal by, uh, one of the hyperscalers pretty soon. But now you’re looking at this company where if they’re able to convert these megawatts over, and let’s assume each megawatt, which I say is worth 10 to 15, but let’s take the cost and say it’s going to cost whatever,

Frank Curzio 54:18

7 million, you know, and they’re worth whatever. So let’s put 5 million on it. If we put a 5 million valuation on each of these megawatts, after cost, super conservative, it’s a $1.7 billion valuation. And remember, this is an asset they’re in dire need of. People are not modeling right for power. They’re still modeling on large language models when we’re in generic AI,

Frank Curzio 54:37

which is not even in the first inning yet. Not even in the first inning. What about when robots come? And we have 10, what, billion of them according to Elon Musk, even if he’s half right, or even if there’s 3 billion of them in seven, eight, nine years, the amount of power that’s going to be required for these things to learn is insane, right?

Frank Curzio 54:57

So that’s why these companies are locking in power for 20 years. And now we have this company, we have DGXX, you know, with T, we’ll hear that, that are locking in the power, understanding, hey, we’re not just doing this for a one-year project. We’re going to lock this in. The amount of money we’re going to generate is incredible. And this company’s already profitable. Every single deal they signed, the management teams who own these properties and these assets previously,

Frank Curzio 55:17

they all came over, including, and he didn’t want to talk about, but I’m going to talk about, Philipp van Wolffen is a rockstar, one of the richest families in Germany. He’s on board. I mean, they signed it to where a lot of the stock kicks in after the stock goes over six. The deal that they signed, uh, what was with Finland for, you know,

Frank Curzio 55:36

most of their megawatts, I forgot how much it was, it was 250, whatever it was. Uh, you know, that deal is based on the stock going higher than $15. So everything, all these management teams came on, they wouldn’t come on board unless they believed that this stock was going higher. You have Alex Kupich managed what, billions in real estate transactions across Europe,

Frank Curzio 55:57

hedge fund guy, private equity guy, Shane Whelan, delivered over 3 million square feet of real estate, specifically the Google, AWS, Meta, Salesforce.com. I mean, these guys know exactly what they’re doing. They know how to position this company and teeing it up for hyperscalers who have the deepest pockets on the planet, who are spending billion-dollar deals by the day almost,

Frank Curzio 56:17

if not by the week, as you see. Uh, and now they just signed the former global AI executive from Microsoft, 25 years of experience in this industry, particularly doing business overseas, Middle East, Europe, high-growth emerging markets. People like this don’t come together for these small companies. It’s the first time, and being a small-cap guy my whole entire life,

Frank Curzio 56:37

it’s like a kid in a candy store because you see great companies form. And it’s so much so, if you’re looking at how much AI changed the landscape of the game, all you need to do is look at Anthropic. And now you’re going to understand why industry vets are leaving. Anthropic is a three-year-old company that’s already generating $30 billion in revenue.

Frank Curzio 56:59

I don’t think people understand how much money that is. It’s more money than two-thirds of the companies generating the S&P 500. It’s more revenue than McDonald’s generates. And they’re 86 years old. Carnival, Eaton, Eaton’s over a hundred years old. BlackRock, PG&E, Sherwin Williams is 160 years old. They’re generating more revenue in three years than these companies in their entire life cycle, right?

Frank Curzio 57:21

That’s something we’ve never seen ever in the history of the markets. And this is why you’re seeing so many startups, so many companies where they can get good traction and, you know, interviewing a lot of these guys and being part of them and being shareholders. And, you know, this is a company, Vivo, that we put in our portfolio, I believe, around a little over two, and it’s 275.

Frank Curzio 57:40

The news came out yesterday. The stock ran up into the news and then sold off a little bit. But, you know, you’re looking at that pullback yesterday. I think it was like 11% or so. What a buying opportunity. And there’s risk. Management has to execute. And if they don’t execute, you’re going to see the stock fall. If they execute though, you have a runway. You have comparisons.

Frank Curzio 57:59

You see these hyperscalers in dire need of power, just, you know, locking out power 20 years for stuff that doesn’t even exist yet from like Oklo barely exists. SMRs, look at Oracle, Bloom Energy, fuel cells. Holy cow. Now you can scale fuel cells and look at Bloom Energy, which is in our AI portfolio, which is up 900% now, right? So this is where we want to be.

Frank Curzio 58:19

You want to have access. You want to have exposure to power. This is a small-cap name. Don’t put all your money in it. Uh, but this is a name that, that, you know, has massive upside potential. Of course, you’re going to have the risk, but you want these high, when you’re investing in small caps, you want high-risk Grand Slam returns, Grand Slam reward. That’s what you want. You don’t want to risk,

Frank Curzio 58:38

you know, 30%, 40%, or whatever your stop loss is going to be at 50% to gain 100%, right? It doesn’t make sense. You want the possibility of getting a 10 bagger, a 20 bagger. It’s there. They have the assets. That’s why I love this company. I love Kevin. Hopefully I can get Mrs. Mustafa on as an interview. He’s, Kevin, I’m going to talk to him about it.

Frank Curzio 58:58

I haven’t talked to him yet. He’s probably going to come to our conference, our one conference, and talk about this company. And hopefully he brings, you know, the Microsoft executive, which is great, 25 years experience, you know, AI, you know, fantastic. But Vivo, great company. I have high hopes for it. Same with DGXX, same with Bloom Energy. These are companies that are in our AI portfolio right now, which is absolutely on fire.

Frank Curzio 59:18

I’m happy about that. I’m not patting myself on the back. It’s why I do this. I love to see people make money. We have a lot of our subscribers make a lot of money right now. Uh, and it’s a lot of fun. And guys, this trend I just told you about, you know, how much money’s being spent. It’s not slowing down. It’s increasing. It’s increasing. Uh, so anyone telling you that slow down, they’re worried, and Michael Burry and all this stuff,

Frank Curzio 59:38

it’s because they’ve never been in this trend before. They haven’t been in it. So that they’re shitting all over it. Okay. The people have been in it and you’re seeing it. We look at statistics. I’ve been doing this podcast for 30 years. We have contacts all over the world. This gets broadcast in 130 countries. We have so many great contacts within this industry that tell us that they just don’t have enough capacity. They’re turning away jobs. They don’t have the talent, right?

Frank Curzio 59:57

There’s just so much money pouring in. It continues to pour in and it’s not slowing down. And you know what? That money has to go to somewhere. It’s going to go to Vivo, DGXX, Bloom Energy. And my job is to find as many more going forward to expect more interviews over the next few months, especially going into 2026, the rest of 2026, and into 2027. So guys, let me know what you thought.

Frank Curzio 01:00:17

Great stuff by Kevin and hope you enjoyed that interview. Daniel and I will be back tomorrow at Wall Street Unplugged Premium. And I’ll see you then. Take care.

Announcer 01:00:24

Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money, and your responsibility.