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We need more Ted Lasso ASAP!

The actor lost his dad, Timothy, and mom, Chris, in April and June, respectively.

The actor lost his dad, Timothy, and mom, Chris, in April and June, respectively.

The new standard could be particularly painful for owners who thought they had insulated themselves through an out-of-state company.

Forest Majeure: Finland Orders Google To Halt Work At Two Data Centers Less Than A Month After €13BN Splash

The data center delay contagion has officially gone global.

Just hours after we laid out how Oracle's 1.3GW Wisconsin campus became the next domino to slip after the indefinite delay of the company's New Mexico-based, Project Jupiter, and on the same day Google locked up 3.6GW of Constellation's nuclear output in PJM, Finland's Supervisory Agency (LVV) ordered a halt to construction work at two planned Google data centers, in Muhos and Kajaani, after more than 300 hectares of forest were cleared without a mandatory environmental impact assessment. The sites are part of the €13 billion ($15 billion) investment Google announced less than a month ago, which it billed as its largest single investment in Europe.

Google’s data center in Hamina, Finland.Source: Google

For those keeping count, that's two of Oracle's flagship Stargate campuses, SoftBank's SB Energy, a statewide halt in Texas, PJM's emergency power auction and now Google's biggest European project, all in the span of about three weeks. Which is why, having flagged the first Oracle data center delays back in December, we can now say with some confidence that the bottleneck in the AI buildout is no longer the chips. It's the permits.

Below we walk through what Finland ordered, why the timing is awkward for Google, and why Morgan Stanley thinks the politics of compute could end up helping the hyperscalers (for now).

420 Football Fields, Zero Assessments

According to the BBC, which first reported the order, the LVV found that work at one of the sites went ahead without the mandatory environmental impact assessment, and ordered Google's project company, Tuike Finland, to suspend all measures that would "significantly alter the environment" by October 23. Tuike has until October 14 to explain itself and lay out how it intends to proceed, failing which the agency says it could start enforcement proceedings. The work in question, per the LVV's head of environment Tommi Muilu, included felling trees, stripping topsoil, building site roads and storage areas, and rerouting ditches. In other words, everything you do before you build a data center.

The Helsinki Times adds that the banned list also covers excavation, blasting and crushing, and that the bulk of the clearing, more than 300 hectares, took place at the Leppiniemi site in Muhos, a town of roughly 8,800. For scale, the AFP pegged it at about 420 football fields. Under Finnish rules, converting more than 200 hectares calls for an environmental assessment before the chainsaws come out, which is the order in which these things are generally supposed to happen.

None of this came out of the blue. The Finnish Association for Nature Conservation first raised the alarm in September, and the LVV opened an investigation on September 19, at which point Google insisted the trees had been felled in "full compliance with the Forest Act." Two and a half weeks later, the message has changed somewhat: Google now says it has "fallen short of our own high standards in this instance" and will follow the agency's guidance, while still maintaining it acted in good faith and promising to replant trees across 130 hectares at Muhos.

That's 130 hectares replanted for 300+ cleared. Net zero, Google-style.

Meanwhile, the public mood isn't helping: a citizens' initiative demanding stricter data center rules reportedly gathered more than 50,000 signatures in three days.

Europe's Biggest Google Bet... Paused

The timing could hardly be worse. When Google unveiled the Finnish plan on September 9, it was a showcase: at least €13 billion over 2027 and 2028 for new data centers in Kajaani, Muhos and Vaala plus an upgrade at its existing Hamina facility, a claimed 37,000 jobs supported during construction and an average €3.6 billion a year added to Finland's economy. The centerpiece was the power: a 22-year purchase agreement for up to half the output of Fortum's Loviisa nuclear plant, which extends the plant's life to 2050 from a previous 2030 shutdown date.

Which, as regular readers know, is exactly the kind of firm, carbon-free, dedicated power we have been pounding the table for. And yet here we are: the power was never the problem in Finland. The forest was.

It's also not the first time the Finnish plan has hit a wall. Back in October 2025, Alphabet put the expansion on hold while the government floated raising the electricity tax on data centers roughly 40-fold, from 0.05 cents to 2.19 cents per kWh. And the day after the €13 billion announcement, Finland's opposition parties told Reuters the country needs a national permitting system for data centers to head off power shortages and soaring prices, with the Centre Party's Antti Kaikkonen complaining that nobody is minding the overall picture. The Social Democrats, who lead the polls ahead of April's election, called electricity availability an internal security issue.

Put differently, the regulatory risk premium on Nordic data centers just got repriced, and the election hasn't even happened yet.

The irony is hard to miss: as we noted in July, Finland has the highest unemployment rate in the OECD at 10.8%, with youth unemployment at 23%. A country in that position just froze part of a project promising 37,000 jobs over two years. Principled, certainly. Whether Finland's jobless see it that way is another matter.

From New Mexico To Old Muhos

The Finnish order lands on top of what has been the worst three weeks for the data center trade since the AI buildout began. Recall that it started on September 21, when the $18 billion of loans backing Oracle's Project Jupiter slid below 90 cents. The next day Texas Governor Abbott ordered a halt to new data centers, and a day later SB Energy delayed the IPO meant to fund the world's largest data center. Then on September 24 Oracle declared force majeure on Jupiter, and its bonds plunged to a record low the next day. Barclays was among the first to spell out the knock-on effect for everyone selling picks and shovels:

Barclays on what is really going on with the Oracle Force Majeure: "the hardware capex should also be delayed (~$30bn; typically spent 2-3 months ahead of the asset going live)." The AI value chain is now directly targeted by the escalating data center fiasco

— zerohedge (@zerohedge) September 25, 2026

Since then, PJM's emergency backstop auction for data center power was suspended by FERC for five months (a power auction for data centers... delayed), and Oracle's Project Lighthouse in Wisconsin saw its grid approval go back to square one, which as we detailed earlier today pushes full power to somewhere between October 2028 and April 2029. That's on a campus Oracle still guides to "customer delivery in the second half of 2027."

Finland is a different flavor of the same disease. In the US, it's grid hookups and local revolt. In Finland, it's environmental permitting. The result is identical: steel in the ground, nothing switched on, and a capex schedule that only goes one way.

"The Politics Of Compute" Goes International

The backlash itself is nothing new: we've covered 142 anti-data center rallies across 42 states this summer and why most Americans hate the idea of AI data centers next door. Last month, Morgan Stanley's Vishwanath Tirupattur put numbers on it in a Sunday Start note that we published in full (available for pro subs): a Gallup poll found seven in ten Americans oppose a data center in their community, roughly 500 US jurisdictions have enacted bans or moratoriums, and an estimated ~$156 billion of projects were cancelled or delayed in 2025, with another ~$130 billion hit in 1Q26. Support has been collapsing for a year:

Why it matters for the macro: Morgan Stanley's economists estimate that AI-related investment added 0.6pp to real US GDP growth in 2025 and 0.8pp in 1H26, roughly a third of all growth, and expect 0.85pp of the 2.6% they forecast for 2027.

But here is the counterintuitive part of the MS view, and it's worth quoting because it's also the bull case:

"Here, the constraints are political and regulatory, not insufficient demand for compute or a shortage of capital to fund it. Demand for compute already far exceeds available supply. A deceleration in capacity additions would intensify and prolong the existing shortfall in compute. For equity markets, this could strengthen the position of the 'merchants of compute' – hyperscalers – by increasing the scarcity value of their installed base and enhancing their pricing power."

Translation: every delayed data center makes the ones already running more valuable. Morgan Stanley even argues credit spreads could tighten if delays mean less AI debt issuance. Maybe so... for those who already own the compute. For those who borrowed against the promise of compute coming online on schedule (hello, Oracle, and most hyperscalers), the scarcity value of someone else's installed base is cold comfort. And Google, which reported yet another capex guidance hike this year, is now in both camps at once.

Bring Your Own Power... And Your Own Paperwork

We have been saying for almost a year that the only way through the grid crunch is to take the grid out of the equation:

Make "behind the meter" mandatory https://t.co/bCBnwx2E5g

— zerohedge (@zerohedge) December 24, 2025

Last week Goldman joined that camp, with Michele Della Vigna's team raising its behind-the-meter forecast to 67GW by 2030 and now expecting on-site gas and fuel cells to supply 25% of global data center power demand by 2030, versus "effectively 0%" in 2025 (in the Carbonomics report, available to pro subs). And Google has done everything right on that front in Finland: a dedicated nuclear plant, plus the 629MW of new wind and 94MW of batteries it lined up alongside.

The Finnish halt is the reminder that power is only one of the permits. You can bring your own reactor and still get stopped by the local park ranger (especially if he doesn't fully share your political and technological views). Behind-the-meter fixes the interconnection queue; it does nothing for environmental reviews, water rights, zoning boards or 50,000 angry signatures. And with every jurisdiction now watching the next one, the playbook for slowing a data center down has never been easier to copy.

Bottom Line

Taken on its own, a Finnish forestry dispute over two sites is fixable: Google files its explanation by October 14, does its assessment, and the 2027-28 timeline may well survive. But it isn't on its own. It's the latest entry in a list that started with one stressed loan in New Mexico three weeks ago and now spans two continents, four flagship AI campuses, a state government and the biggest US grid.

Morgan Stanley's verdict was that the backlash is real, but that it "remains unclear" whether it turns into a sustained capex slowdown. We'll make the call for them: the delays are the new normal, not a series of one-offs, and every 2027 capacity schedule, along with the revenue ramps and debt service built on top of it, is now a 2028 schedule until proven otherwise. The hyperscalers with installed compute may well benefit, as MS argues. Everyone who borrowed trillions in off-balance sheet SPV debt against compute that hasn't been switched on yet... not so much.

Next catalysts to watch: Tuike Finland's reply on October 14, and the October 23 deadline to put down the chainsaws.

Much more in the full Morgan Stanley Sunday Start and Goldman's "Behind-the-meter power solutions for data centers" note, both available to pro subs.

Tyler Durden Tue, 10/06/2026 - 21:42

The "Golden Life" star is gearing up for the release of her new single, "To All The Boys," in less than two weeks.

The "Golden Life" star is gearing up for the release of her new single, "To All The Boys," in less than two weeks.

It was a night to remember at Page Six's second-annual VRT Awards.

It was a night to remember at Page Six's second-annual VRT Awards.

Two British priests faced a wave of online abuse after criticizing the Duchess’ pricey holiday offering.

Two British priests faced a wave of online abuse after criticizing the Duchess’ pricey holiday offering.

The "Next Gen: NYC" star's 15-year-old brother was arrested on Aug. 17 for serious sexual assault charges.

The "Next Gen: NYC" star's 15-year-old brother was arrested on Aug. 17 for serious sexual assault charges.

During the eighth inning of Game 3 of the NLDS on Tuesday, Dodgers middle infielder Miguel Rojas exited the game. Rojas was seen in visible discomfort after fouling off a fastball from Braves reliever Brent Suter. Miguel Rojas met by Dave Roberts and members of the Dodgers training staff. Rojas started limping back toward the...

"Don't Be Evil"? Ex-Google CEO Schmidt's Attack Drones Get Warheads From US Army Bomb Plant

The U.S. Army's McAlester Army Ammunition Plant is a massive munitions plant located in southeastern Oklahoma and will soon be producing warheads for former Google CEO Eric Schmidt's suicide drone arsenal.

Defense Blog reports that McAlester plant officials held a "ribbon-cutting ceremony to open the partnership" with Schmidt's drone company, Perennial Autonomy.

The Oklahoma plant will build, load, and deliver warheads for Perennial drones. Officials didn’t disclose the deal's production volumes, delivery schedule, value, or which drones would carry the munitions.

Earlier this year, the Department of War's counter-drone task force, JIATF-401, awarded Perennial a three-year contract with a $500 million ceiling covering its Merops, Bumblebee, and Hornet systems.

Perennial's Merops interceptor was developed to counter Russian Shahed one-way attack drones and costs about $15,000 per interceptor. The company says the counter-drone system has completed more than 4,000 interceptions in Ukraine.

In late January, Schmidt visited Ukraine as the Azov Brigade showcased its drones, counter-drone systems, ground robots, and maritime drone boats to Western investors. The meeting was held underneath the Mother Ukraine statue in Kiev.

In mid-February, Schmidt wrote a Financial Times opinion piece stating: "Future wars are going to be defined by unmanned weapons."

About 15 days before Schmidt's op-ed, we warned that every data center should be equipped with a kinetic drone interceptor to combat loitering munitions, only to find out 30 days later, during the opening phase of the US-Iran conflict, that Tehran had bombed several data centers in US-allied Gulf countries.

For signals about the drone industry and where it's headed, Defense Secretary Pete Hegseth revealed last week that "AutoWarCom" will lead the initiative to stockpile drones for the US military as part of a massive procurement supercycle. 

As we've said before, follow the government money. This should provide a tailwind for the industry (read here).

Tyler Durden Tue, 10/06/2026 - 21:20

What is the point of having a six-man bench full of righty hitters if you are only going to use one across three innings against a lefty reliever?

Mason Miller will miss the Padres’ elimination Game 3 against the Brewers after MLB approved the All-Star closer’s placement on the Postseason Paternity List.

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Reality tv's glitziest night was full of moments you may not have caught on the broadcast.

Reality tv's glitziest night was full of moments you may not have caught on the broadcast.