Brayden Dennis

Like there's real questions on their ability to fulfill that.

Well, yeah, exactly.

And what we're seeing is these companies now have, like you mentioned, they have to issue equity, they're issuing debt to fulfill that.

And I'm just showing here, it's pretty amazing looking at this chart where you looked at the annual free cash flow compared to the CapEx spend, and they had been free cash flow positive for decades.

I mean, I'm going back here.

They spent $2 billion.

Prior to 2025, they had been cash flow positive since at least 2007.

Yeah.

Free cash flow positive, which is crazy.

And now you just see the CapEx just going through the roof in the last two years.

It's obviously going to continue.

And then you factor in the amount of equity they'll probably have to issue debt to be able to pay for that.

And it kind of just circles back to SpaceX IPO-ing, issuing equity.

It circles back to OpenAI, to Antropic.

When you have more and more companies that are issuing...

equities and issuing debt and you also have meta talking potentially issuing equity to fund its aspirations too there's a lot of big companies that are tapping the markets and i'm not saying it's a it's a big issue like for some of those but

Is a company like Oracle really going to get that favorable terms compared to Google and Emeta?

Probably not.

And are investors going to be navigating towards more Entropic, OpenAI, SpaceX because of the hype around it?

Probably.