Brad Gerstner

So 100,000 H100s is not apples for apples with the number of GB200s, Grace Blackwell 200s or GB300s.

And so it's hard to talk about them.

You're comparing apples and oranges when you're comparing these data centers.

So a unifying metric of compare, right?

right, is the power that goes in.

Everything starts with the power.

It's the constrained resource.

So we can compare a gigawatt of power because it's, remember, it's power in and it's tokens out.

And we can compare that over time and normalize across all these different chips.

And it's not just these two companies.

You got Tranium by Amazon, TPU by Google, Cerebris, Grok, et cetera.

There are a lot of folks in this game.

And so, again, I think what you saw this week in this flurry of announcements, right, is that you have the market leader that's basically captured 90 to 100% of the incremental demand for the biggest thing that the data center and the chip market has ever seen.

And every other player is looking at what they have to do to have a shot to capture part of this wave.

They're high risk, high reward bets.

The other thing I would say is,

And again, shut me up and anybody can jump in if they want to.

But I want to decompose.

We're hearing these estimates of 100 gigawatts, four to five trillion of build out over the course of the next four years.

If you look at that same chart I just showed you, that's not what Wall Street estimates are, right?