Brad Gerstner

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.

We got people sending money every month for ChatGPT, a billion and a half monthly users using the product.

You just said every enterprise in the world is either going to do this or they will die.

Every sovereign views this as existential to their national security and economic security as nuclear power.

I beat the demand question to death.

So let's jump in a little bit to system design.

And I'm going to turn to Clark here in a second on that.

But in 2024, you switched to your annual release cycle with Hopper.