Forty-two approved projects, 3,400 megawatts and 750 billion baht of investment. Not one new application filed since April. In eight days in August, a central bank governor, a cabinet meeting and an investment board rewrote the terms on which Thailand accepts data centre investment. MCG reads the new bar past the announcements: the five gateways now standing between a sponsor and a grid connection, why the approved cohort is not insulated, and what the state is actually rationing.