Brad Gerstner

But importantly, he said,

And if we don't have those revenues, we've got to match our revenues to our expenses, right?

I think they will just extend, recut the deals in order to make those expenses doable for the company.

This is an important point because we don't know, we haven't seen these actual deals.

And if they have conditions or outs, or if they can push it out or they can cancel it, maybe they have... And that will come out, I guess, in the public filings.

But putting all that aside...

the market was not happy about this Microsoft, Nvidia, Oracle, Broadcom, core weave, who all are the partners we're talking about, who are close to and when you see these charts of all the deals Sam has done, and Sam's a great dealmaker, obviously, they were all down six to 20%.

So this has, in fact, been a significant correction

in terms of the AI boom.

So before we get into their CFOs comments, Chamath, I'd love to hear your just general response.

Yeah, and this got exacerbated, Sachs, because on Wednesday, OpenAI decided to be in the news again when their CFO, Sarah Fryer, told the Wall Street Journal she hopes the U.S.

government, that's you, Sachs, will backstop the financing of its $1.4 trillion in data centers.

Here's a direct quote, the backstop, the guarantee that allows the financing to happen.

And she said that the federal guarantees would, quote, really drop the cost of finance.

Of course it would.

And this would allow OpenAI to borrow more money at lower rates from a much larger pool of lenders.

That went viral.

And everybody said, oh, my God.

It started feeding, I think, the narrative that maybe OpenAI is insolvent, in fact, and there's no way for them to pay their bills, which obviously is a little bit ridiculous.

And people are trying to correlate this to obviously the dot-com bust and then the great financial crisis.