Cameron Gleeson

Yeah.

The GDP of a mid-sized country.

That needs to see return on investment.

Are we building excess capacity?

And you're not going to probably know that in advance, but what you would look for is signs that the growth rates are slowing.

signs that these large hyperscalers aren't able to sort of extract, you know, margins, not seeing growth, weakness in margins.

Yep.

They're probably the early telltale signs.

But, you know, just looking at these sort of adoption curves and that consumption of tokens and how that's escalating, I think we're still very early on in that point.

Probably the other sort of thing that you're sort of, you know, worried about with this massive, you know, CapEx spend that's been going on is, you know, can these companies afford to do this?

Yeah.

Look, by and large, there has been a lot of debt raised, but by and large, the hyperscalers are actually on a net cash basis.

They have no debt, if you include their cash balances.

And so that puts them in a fantastic position.

They generate massive cash flows.

Those cash flows are growing.

They are raising more debt and they are eating into those cash flows, but they still sit very pretty.

The one exception would be Oracle.

So Oracle...

its level of leverage is, you know, relatively high.