Andrew Feldman

And you sometimes have economists who maybe think it's relevant to look at 1880s, the building out of rail.

And you sometimes have economists who maybe think it's relevant to look at 1880s, the building out of rail.

I'm not sure that's relevant.

I'm not sure that's relevant.

But what I see is that there was a penchant to believe that if we built it, they would come, right?

But what I see is that there was a penchant to believe that if we built it, they would come, right?

The infrastructure build-out was way ahead of demand.

The infrastructure build-out was way ahead of demand.

And that was true in railroads.

And that was true in railroads.

That was true in fiber optic cabling.

That was true in fiber optic cabling.

And in a strange way, that is the exact opposite of where we are with AI.

And in a strange way, that is the exact opposite of where we are with AI.

The infrastructure build out is behind demand.

The infrastructure build out is behind demand.

We can't build data centers fast enough to keep up with demand.

We can't build data centers fast enough to keep up with demand.

We have a $25 billion backlog.

We have a $25 billion backlog.