Brad Gerstner

There is a lot of disbelief on Wall Street as to what's going to get built out.

So if you look at that estimate, starting in 2027, it basically flatlines 27 through 29 for NVIDIA.

Right.

Less than 10 percent CAGR in terms of the growth for NVIDIA.

They have by 2029 them doing 360 billion in revenue compared to 210 billion of revenue this year.

To put it in gigawatt perspectives, that means going from four to five gigs per year in 25 to nine gigs in 29.

That's a big step up.

But a long way from the hundred gigawatts you were hearing, you know, bantered about on CNBC this week.

I mean, David, I think your point is a great one.

Everybody's looking for the bubble, right?

We've got this pattern recognition.

Everybody's like, it's dark fiber.

It's got to be dark fiber.

There's no way that you can 10x your revenues at Nvidia without it being a bubble.

But the reality today is Nvidia trades at a lower price to earnings multiple than it did when it was $200 a share.

Think about what the term dark fiber means.

We were laying fiber in the ground that remained dark.

We did not have the demand for the fiber.

There is not a dark GPU in the world today.

There's not going to be a dark GPU in the world next year.