Every announcement of a new AI campus leads with megawatts. Power is the number that gets negotiated in public, fought over at the utility commission, and quoted in the analyst note. It’s also the constraint that money can eventually solve, because you can build generation, sign a nuclear offtake, or put turbines on the site. Water is harder, and it decides more siting arguments than the public record suggests. A large data center running evaporative cooling can consume millions of litres a day at full load.