Arthur Hayes

And sooner or later, investors will realize, oh shit, I'm investing in the new age railroad.

I don't want to be the new age railroad.

Google's not the new age railroad.

They are now, but Google wasn't the new age railroad in 2001.

They were the thing that used the cheap fiber optic connectivity to build their service.

Same with Facebook.

Same with Amazon, right?

They did well after the capex boom.

So investors will realize that situation like, oh, shit, I'm investing in new age railroads.

I don't want to be in that.

Let me get out of that.

Yeah, I mean, yeah, if AI is a thing that powers the American and Chinese forward economy, and literally all we're doing is building out essentially a railroad for other awesome entrepreneurs to build something on top of, well, again, the railroads are not great businesses long term.

They're...

a natural monopoly, if you want to call it that.

I think you mentioned it because the return on capital is not there.

When you invest alongside the government, at first it feels great.

Oh, great.

I've got the government behind me.

They're just going to like pump my bags, right?

People feel great that the United States government is now getting into industrial policy, that they're pumping nuclear, they're pumping AI, they're pumping semiconductors.