Azeem Azhar

Now, they may argue, well, the GPUs make money and we're paid back within two years, which is what it seems to be the case.

And they still have some useful life in 6.

But it feels like it's a bit of a thin argument.

And this is one area where I think we could...

Ask for, hope for, but we won't get better rules around how GPUs should get depreciated, the kind of tax incentives companies should get because they are effectively operational expenses and greater transparency.

Somebody sent me an email about this and they said that...

In China, the accounting rules are such that computer chips are effectively depreciated over a three year maximum five year period.

So I think this is a you know, this is one of those ugly pimples of this picture that we should just stare at and say this could turn into a problem.

Well, I mean, it is worrying, but it's just not where other things were.

I mean, in the case of the dot-com, we were...

an order of magnitude practically away from that in terms of the capital that had gone in and the revenues that were being generated.

And the question is really how long can you sustain yourself at that point?

The thing to note here is that

We had no-gen AI revenues three years ago, and our estimates and the calculations that we've done are quite conservative.

We've come in at about $60 billion for 2025.

One of the big investment banks has suggested it's closer to $153 billion for 2025.

In truth, it's probably somewhere in between there.

So we're quite conservative.

And I would add to that, Derek, that that $60 billion is just a rough measure to cover the capital expenditure.

It doesn't involve margin.