Azeem Azhar

And the reason it will be happening is because the rates of return you can get to build a data center are just much higher than the rates of return you could get from building an apartment block.

But these things can and often do level out.

I mean, what you really want to see is a demand stimulus.

I mean, if we take a look at America's energy infrastructure for 25, 30 years, Americans have under-invested in their electricity grid, in their sources of power generation, and that's broken a very long-term relationship in our economies that more energy is more welfare, it's more prosperity, it's more income, it's more innovation.

And that there are rich companies putting in a kick to say, we need more power, is probably going to be net-net a good thing over the medium term.

But of course, to get there, there is this difficult squeeze right now.

And the beauty of building is that there's a lot of learning...

processes, practices that get developed that are transferable across into other types of building as and when the time comes.

So I agree that there is this problem right now, this problem of focus.

But the question is, when we look out over three or five years, will we start to see benefits emerging from it?

So it turns not less to be a black hole and more to be an M-class star.

Well, I think they'll make back the money if the revenues show up.

So we can talk about revenues later in the discussion, but you've put your finger on one of the uglier parts of all of this, which is that, you know, of the three, $400 billion that will go into data centers this year,

About 50% to 60% will be in those GPUs.

So we'll call it a couple of hundred billion.

And the companies themselves mostly keep them on their books for six years.

So that's a long time, but it's not a canal or a railroad.

And as we know, within three years, they have to move out of frontline service.

So I think that there is a bit of an ugliness in the way that this is accounted for.

It is something that we should keep our eye on.