AI has outgrown the legacy data center. In this keynote, Firmus Technologies co-founder and co-CEO Tim Rosenfield introduces the liquid-everywhere AI Factory — a new infrastructure asset class purpose-built to generate AI tokens as cost and energy-effectively as possible. Drawing on Firmus’ groundbreaking Project Southgate in Tasmania, Tim outlines how liquid cooling, vertical integration, and optimized location choices converge to redefine the economics of AI. With 50% lower build costs, 30% less energy use, and access to abundant green hydro power, Southgate isn’t just a data center — it’s the blueprint for the next generation of AI infrastructure.