Brad Erickson

Yeah, I think obviously the reacceleration to 20% on AWS in Q3 was like the headline critical metric they had to do.

They did it.

And so that really got the stock going.

And then I think as you think about going forward,

they're getting this capacity deployed faster than we would have thought maybe a quarter ago.

And they gave some nice detail around some of the power, the gigawatts that they've been able to deploy and some forward commentary there.

And it just comes down to kind of simple math.

They're not saying they're going to accelerate necessarily on AWS, but if you do the math, it implies that they probably will.

And that means there's probably a lot of upside to street numbers.

And so that was the point we were making in our note.

Yeah, you know, Tranium, to go with your second part first, Tranium 2 is largely being used for Anthropic, which is kind of the major enterprise player in the generative AI space.

They're going to continue to grow a lot.

They're going to double the number of chips at the Rainier site by the end of the year.

So it's exciting.

That is going to continue to scale up and drive a ton of revenue growth, and it is material to next year, and this is a $130 billion business, so it gives you a sense.

In terms of just taking vertically integrating, it's massively important.

The power grid is not set up for these data centers, and they have massive needs, massive cooling needs, massive water needs.

And so it has and will always likely continue to make sense for these guys to make sure they can do that on their own or at least become less tied to third parties.

So I think it's the right thing to do.

Yeah, I mean, kind of two parts of that, right?