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$MSFT just gave a quietly bullish read-through for $GLXY and Helios. Microsoft is extending the estimated useful life of its data-center buildings from 15 to 25 years. More importantly, it says this will cause more future data-center leases to be classified as operating leases instead of finance leases. Finance leases are included in Microsoft’s reported capex. Operating leases are excluded. The physical infrastructure still gets built. The power, land, substations, cooling and data halls still need to be funded. The accounting location of that spending simply moves away from the hyperscaler’s headline capex and toward third-party owners, developers and project-finance vehicles. That is the Helios model. $GLXY controls a scarce, power-rich campus. A tenant signs a long-duration capacity contract. The lease supports project-level debt. Galaxy monetizes land, power access and development execution, while the end customer secures AI capacity without carrying the full upfront infrastructure cost on its own capex line. The broader implication is important: Slower reported hyperscaler capex growth may coexist with accelerating AI infrastructure construction. More of the capital can sit on the balance sheets of landlords, infrastructure funds, private-credit vehicles and project SPVs. This expands the financing pool available to AI data centers and increases the strategic value of campuses with real power, permits and near-term deliverability. For $GLXY, Microsoft’s change validates the direction of travel: hyperscalers increasingly want capacity, flexibility and speed. Scarce powered campuses provide all three. The risk also migrates outward. Developers inherit construction, financing, residual-value and tenant-concentration risk. That makes the distinction between speculative land and financeable powered infrastructure even more important. Helios belongs in the second category.