⚡ THE OILFIELD JUST BOUGHT THE DATA CENTER COOLING LOOP.

Monday gave capital allocators a better lesson than another thousand words about whether AI stocks are expensive. SLB agreed to spend roughly $4.1 billion acquiring Kelvion, a thermal management business expected to generate as much as $1.3 billion of 2026 revenue from data centers. SLB is targeting as much as $5 billion of annual data center revenue by 2028 from the combined platform. 💰 At the same time, Aon agreed to buy USI Insurance Services for $17 billion, funded with new debt. KKR says the exit represents roughly 6.0 times its original 2017 equity investment, while Aon inherits the integration, leverage, and synergy burden. Aon shares promptly fell almost 10%, because the market is perfectly capable of believing an acquisition is strategic while simultaneously believing the buyer paid a lot for it. 🏗️ Then there is the financing lesson every data center sponsor should study. Host Digital announced a 43 MW, 15 year take or pay lease representing approximately $1.25 billion of contracted base term revenue, with the lease expected to receive support from a U.S. based investment grade technology company. That is the progression from site control to bankability: power, contracted demand, credit support, and enforceable cash flow. 📈 Meanwhile, the U.S. 10 year Treasury is pressing toward 4.8%, Brent crude has moved above $91, the top tier 30 year mortgage is roughly 6.87%, and Asian bonds are selling off as inflation risk returns to the front of the rate discussion. This is not panic. It is repricing, and repricing punishes capital structures that require cheap money to work. 🏦 Today’s GRO Money News gets into the consequences: why recurring cash flow becomes more valuable as discount rates rise, why cooling and power are becoming investable AI infrastructure, why data center community opposition now belongs inside the underwriting model, how Broadcom is pushing enterprise AI toward private cloud, what today’s JOLTS and ISM releases can do to rates, and why the IRS just expanded the Section 45Q safe harbor for carbon capture projects. 💡 The sales idea today is equally simple: stop calling sponsors to ask whether they need financing. Prepare a one page bankability audit, identify exactly where the capital stack will fail committee, and call with two structures that fix it.The market is not short of capital. It is short of transactions that can survive an adversarial investment committee.Listen, share this with someone who allocates capital, and tag the person whose underwriting model still contains the phrase “rates normalize” without explaining why.Until tomorrow, be the best human you can be. ~ Teresa GrobeckerRead on LinkedIn https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7354236980961886208Listen to GRO MONEY NEWS https://podcasts.apple.com/us/podcast/gro-money-news/id1833953369GRO MONEY PODcast and the accompanying newsletter are provided for informational and educational purposes only and do not constitute financial, investment, legal, tax, or accounting advice. Nothing herein is an offer to sell or a solicitation of an offer to buy any security or to participate in any investment strategy. Reliance upon any information provided is at your sole discretion and risk. Views expressed are those of the authors as of the publication date and may change without notice. While sources are believed to be reliable, no representation or warranty is made as to accuracy, completeness, or timeliness, and no duty to update is assumed. Past performance is not indicative of future results. Receipt of this content does not create a client, advisory, fiduciary, or brokerage relationship. You should consult your own licensed financial, legal, and tax advisers regarding your specific circumstances. Grobecker Holland International, its affiliates (including GRO GROUP), and their principals may hold positions or have business relationships related to companies or assets discussed.