Azeem Azhar

These types of things could be signs of fragility.

I don't think they are now.

But of course, this story isn't even.

There are companies like the NeoCloud, these very young startups that are building out data centers for AI.

And of course, there are some of the model companies themselves that are going to require an enormous amount of capital on an ongoing basis, but haven't had a chance to accumulate their own reserves.

And so you're going to start to see

more and more debt structures being used there perhaps they already are and you might have some covenant issues and other types of things to be concerned with but there is also some ballast today that didn't exist before because governments around the world have committed to AI as infrastructure and

there's more than a trillion and a half dollars of sovereign AI commitments.

That doesn't mean governments are going to stump up that cash, but it means they want that cash to be stumped up through public and private initiatives and other policy levers and incentives they can pull.

And also, we've got really big pools of capital that are now running around in sovereign wealth funds, which are quite tech lean forward.

And so they do provide some ballast and some access to capital as we continue with this build out.

Okay, so imagine I'm that pilot in the plane.

I've got my five gauges.

When I look at them, most of them are green.

One is maybe trending into amber and one is in amber, but it's trending back down to the green.

It feels quite safe.

It feels like we're not yet in bubble territory.

But of course, you have to keep watching your instruments.

Tulips only left a footnote in the history books.

But railways and the web rewired the world.