Anish Acharya

And the way that they got there is they 3x capacity and they 3x top line.

And the way that they got there is they 3x capacity and they 3x top line.

Every time they bring on capacity, all of that supply, that inference supply, is 100% spoken for.

Every time they bring on capacity, all of that supply, that inference supply, is 100% spoken for.

We're seeing that story happen over and over again.

We're seeing that story happen over and over again.

Whereas in previous so-called bubble periods, you saw this incredible build-out of supply far ahead of demand.

Whereas in previous so-called bubble periods, you saw this incredible build-out of supply far ahead of demand.

So far, we're not seeing that.

So far, we're not seeing that.

Two, if you actually look at the prices that customers are paying, they're going up.

Two, if you actually look at the prices that customers are paying, they're going up.

You're not seeing the price compression that you would get from a typical overbuild of supply.

You're not seeing the price compression that you would get from a typical overbuild of supply.

And then three, as I said previously, even if there is subsidization, there's always going to be some distortion in subsidization.

And then three, as I said previously, even if there is subsidization, there's always going to be some distortion in subsidization.

It's a sort of intelligent subsidization that's mostly being paid for by big tech and the labs, and it benefits consumers and startups.

It's a sort of intelligent subsidization that's mostly being paid for by big tech and the labs, and it benefits consumers and startups.

Like, God bless.

Like, God bless.