Anthony Macdonald

Mind you, they're raising more than that in private markets, but it'll be more than US $100 billion.

They might raise US $200 billion between them, US $300 billion.

I mean, that's an absolute rush at big valuations.

We've never, ever seen that before.

It's impossible to justify the multiples based on historical or one- or two-year, three-year forward revenue or earnings, all of which spells bubble.

But the question is whether it bursts or how long it goes before it bursts, how big it gets before it bursts, and let's just watch how these things unfold.

go.

I mean, they're monstrously big companies already based on their private market valuations.

Like, like I said, they're the most valuable companies ever.

I'm not going to sit here and bag them though, James.

Like, you know, I reckon two years ago when Nvidia was going on its massive run.

We all thought that was in bubble territory, right?

When its shares took off and they're two and a half times higher now, right?

And like you said, their revenue and earnings is actually catching up to it.

And it turns out there's massively strong demand for its products, which we sort of didn't appreciate a few weeks ago.

You know, like its revenue in March, US $90 billion.

So just in the quarter, in three months, that's more than BHP does in a year.

Right?

So you've got the biggest miner in the world, one of the best miners in the world, doesn't make as much revenue in a year as this NVIDIA does in a quarter, right?

And it's still growing.