Bill Gurley

And today that market is about...

Our estimate is about $400 billion annually.

So the TAM is a 4 to 5x increase over where it is today.

4x.

There you go.

Yeah.

That's right.

Yeah.

Because more is lost.

Yeah.

1 billion X. It's going to use a lot more compute.

Certain hyperscale customers, to your point, had internal workloads that they had to migrate anyways from general purpose computing to accelerated computing.

So they built through the cycle.

I think maybe some hyperscalers had different workloads.

they weren't quite sure how quickly they could digest it.

Everyone has now concluded that they dramatically underbuilt.

One of the applications that my favorite is just good old fashioned data processing.

To that point, one of the biggest key debates and controversies in the world is this question of GPUs versus ASICs.

Google's TPUs, Amazon's Tranium, and it seems like everyone from ARM to OpenAI to Anthropic are rumored to be building one.

Last year, you said, we're building systems, not chips, and you're driving performance through every single part of that stack.