Scenario description
Assume that by 2027-03-31 the announced Dell-Jera-Rhaelm Chiba AI data-center project materially advances beyond a planning announcement. The advancement occurs in Japan and concerns the reported roughly $15 billion, 400 MW AI data-center project in Chiba, with Apollo financing cited in the project structure and behind-the-meter power from an existing gas plant cited as part of the model. The qualifying change is a concrete implementation step such as closed or binding project financing, a signed major construction or engineering contract, substantial equipment procurement, major permitting or site approval, a binding power-supply or behind-the-meter power arrangement, site preparation, or construction commencement for the Chiba project. The exact financing draw amount, server/GPU procurement volumes, contract values, construction schedule, and power-take terms remain unavailable unless later reported.