Brad Gerstner

Right.

As you do your bottoms up or your tops down, I just heard your tops down about percentage of global GDP.

What is the percentage probability that you think we'll have a glut, we'll run into a glut in the next three or four or five years?

It's a distribution of, we don't know the future, it's a distribution of probabilities.

But all this new build, right, when we're talking about trillions, we're investing ahead of where we are.

You know, is that like at will?

Are you obliged to invest the money, even if you see a slowdown or a kind of a glut coming?

Or is this one of these things that you're just waving the flag to the ecosystem to say, get out and build.

And at some point in time, if we see some of this slowdown, we can always pull back on the level of investment.

Satya last year seemed to be pulling back a little bit, you know, seemed to be, you know, some people called him the adult in the room, tamping down kind of some of these expectations.

A few weeks ago, he said, hey, I've also built two gigs this year, and we're going to accelerate in the future.

Do you see some of the traditional hyperscalers that may have been moving a little slower than let's call it a CoreWeave or Elon X, or maybe a little slower than Stargate?

For sure.

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.