Azeem Azhar

And what I'm hearing are really quite staggering stories, multi-billion dollar offtake deals for electricity, not just in the US, but in Europe as well.

The demand is really high that the hyperscalers are somewhat price insensitive in order to be able to build capacity to meet that demand.

This isn't just about large language models.

This is actually also about the shift

of businesses, processes into computation, into digital processes.

It's also about the growth of digital services.

You know, earlier this year, AWS, which is Amazon's hyperscaler business, they put in tens of billions of dollars, nearly $100 billion in CapEx,

this year, had to turn down business from Fortnite, a multi-million dollar contract.

I didn't even know Fortnite was still a thing.

It's that game where people fly around and wear skins.

They had to turn down that deal because they didn't have the capacity.

And if you follow the news and the analysis, you'll see that that story comes up time and time again.

So this is a long-term cycle.

This is not just about large language models.

This is not just about

whether open AI can grow and can become profitable.

This is a fundamental shift in the economy, as fundamental as going from 1880, when nobody was really using electricity in the economy, to the 1930s when the US, it was the prime move of the bulk way in which factories and offices were getting their power.

More and more economic activity will move into computational systems, even when LLMs look completely long in the tooth and who would use an LLM in the same way that not many of us use penny-farthing bicycles to get to work.

And so it's really fascinating.

again to see how that is changing the narrative.