Bill Gurley

If they're not material, don't do them.

And then you'll be better off.

But I do think, from the very beginning, I think NVIDIA has been concerned about customer concentration.

And there's an odd amount of...

distrust is a strong word, but there's a lack of trust amongst all these big players.

Everyone's working with everyone's competitors.

I think that second thing is a different dynamic, Ed.

I think that has to do with getting around regulatory approval and the long window that that has.

But I agree.

Once it becomes kind of normal, then the competitor – imagine if you're in –

You know, you work in AWS or you work in the Google Cloud business and you see that Microsoft deal and then you see them announce Azure's growing 35% and you've got pressure, you know, on yourself to compete in that market.

You're going to go do the same deal.

And they did go do the same deal.

That's exactly what happened.

They all did the same deals.

You don't necessarily have to call it fake.

You could call it like souped up revenue, right?

Especially like in the NVIDIA case, they are giving money to a lot of nascent startups, right?

And actually, the thing that NVIDIA did that's probably most questionable is... So, they propped up CoreWeave to, once again, expand the competitive set.

But then they wrote a contract with CoreWeave where it said, if CoreWeave ever has extra capacity, we'll buy that capacity, which presumably helps it get more debt financing, that kind of thing.