Carmen Li

At that time, people still use them.

They charge you, hyper-cellular charge you 40 cents per GPU per hour.

So, you know, I don't know about two years where it's net number coming from, but I will do that trade every single day.

You sell me at two years old at 10 cents to a dollar, I will buy it.

So as an index provider, I cannot give any full guidance.

Important disclaimer.

Nor do I know, right?

In fairness, I know what do I know.

So the way I look at it is, we have defined a bubble, right?

So you look at stock bubble, right?

And then Nasdaq showed up 200%, it came back down to 84%, whatever, back then.

It's a bubble, right?

The way I look at bubble is, is your valuation, can your future cash flow support today's valuation of yours?

Right.

So then I'm not talking about like OpenAI and everyone else valuation.

I'm not VC.

I don't understand that process.

The way I look at GPUs, the machines, it's actually pretty simple.

Look at future cash flow of your forward contracts and then you discount it back.

Can you get your money back for the price you pay?