Asit Sharma

Well, first, I want to say, listening to Jason, it occurs to me the difference between Jason and myself, which I rue, is that Jason can do something for 15 years.

I've not in my life been able to do something, anything for the course of more than a couple of years.

I didn't say that either, buddy.

No, all jokes aside, I really respect Jason's long experience looking at markets and how long they can persist.

I want to come back to your point, Emily.

I think I slightly disagree with you.

Let's start with Nvidia.

I understand the Nvidia side of it much more than the Coreweave side.

I have trouble understanding Coreweave as a business.

I'll get to that in a moment.

Nvidia is a business that is going to soon be the biggest free cash flow generator on the planet.

I think by 2029, 2030, it will be way ahead of anyone else

who produces appreciable operating and free cash flow.

We're using very rough numbers here.

This year, NVIDIA should generate in free cash flow.

By 2030, it will be close to $300 billion in free cash flow.

Putting a $2 billion investment into CoreWeave in that context places me

on the side of the question, Emily, that, well, at least in this instance, it's not overinvesting, it's not even material.

If you take the scale of going from $100 billion to $300 billion, just add that progression up, it's several hundred billion dollars' worth of free cash flow that's coming down the pike.

But what is it doing here?