Azeem Azhar

Can we really see how far the GPUs have depreciated?

Because if we can't, then that opacity allows all sorts of shenanigans to take place.

And when you look at the way in which these booms turn to bubbles and bust, and I did do some analysis on this, out of the 18 busts that I had enough data to really drill into, the funding quality was the trigger in nine of them.

It was the stressor.

that broke in half of them.

And sometimes it was out and out illegality.

Sometimes it was just that you couldn't see where the risk had gone, as we found with a global financial crisis.

So this is definitely one of the gauges that we need to keep an eye on and hope that the capital markets will do that at this moment where there's probably no one else to look to to keep everyone honest.

I think that's a very, very reasonable summary.

The gauge that matters most is revenue growth.

It is the signal that people want this.

It's the signal that we can monetize it.

And that's the one I'm trying to keep my eyes on and all the little ways that we can, because of course, these are mostly private companies.

And if revenue growth doesn't show up, then we are in a pets.com or a

telecom bubble moment where we've built infrastructure that might one day be useful that we can't fill today.

And that's often the story of these infrastructure build-outs.

In a funny way, we might be grateful for it.

Of course, there will be stock market prices going down, but what will have happened is that there will be a lot of GPU infrastructure that is out there, computing infrastructure that's out there that companies, organizations with less money could pick up at fire sale prices.

And those assets will go to those smaller players who might have newer approaches.

They may prefer open source.