Brad Gerstner

So one of the pushbacks, you know, I turned on CNBC yesterday.

They were like, oh, glut, bubble.

When I turned on Bloomberg, it was about round-tripping and circular revenues, okay?

And so for the benefit of people, you know, at home, you know these arrangements are when companies enter into a misleading transaction.

that artificially inflates revenue without any underlying economic substance.

So in other words, growth's propped up by financial engineering, not by customer demand.

And the canonical case everybody's referencing, of course, is Cisco and Nortel from the last bubble 25 years ago.

So when you guys or Microsoft or Amazon are investing in companies,

that are also your big customers.

In this case, you guys investing in OpenAI.

While OpenAI is buying tens of billions of chips, just remind us and remind everybody else, like what are the analysts on Bloomberg and otherwise getting wrong when they're hyperventilating about circular revenues or about round tripping?

And the reality is,

If you guys don't do your jobs and keep up with, if Vera Rubin doesn't turn into a good chip, they can go get other chips and put them in these data centers.

There's no obligation that they have to use your chips.

And like you said, you're looking at this as an opportunistic equity investment.

As I go back to this, the other fundamental thing, it seems to me,

is you're putting it out there.

You're saying, this is what we're doing.

And the underlying economic substance here, right?

It's not that you're just somehow sending revenues back and forth between the two companies.