Chamath Palihapitiya

The baggage?

Yeah.

But man, he and Dario should do a deal tomorrow.

So you're framing, hey, the limited resource here is compute.

The demand is off the charts.

No, the limiting resource is power.

Power, which then powers compute, which then provides tokens, which then services the massive developer and co-work and all these other projects that consumers and enterprises can't get enough of.

Got it.

And Jason, the other factor that complicates that for anthropic and open AI is all the stuff that's sort of sitting around thumb twiddling, 40% of that is going to get canceled because they've done such a poor job of creating a good positive halo around AI that 40% of all the announced projects get canceled because 40% of all projects in the last four years have been canceled.

Yeah, and there are some bad feelings about data centers, AI, jobs, etc., and that's causing some headwind.

People are literally doing violent things in society and blaming data centers and AI for it.

I don't want to give it too much airtime.

Freeberg, what's your take on the chessboard we're looking at here today?

either through compute, energy, or through going public on a business level, you know, the strategic nature of capital, compute, and energy now playing a role in this massive amount of demand.

It's still a ball in the air kind of game.

BCG had this theory, I think I talked about this once before, called the rule of three.

where they've shown time and again that any stable, mature competitive market evolves to a four to two to one ratio of market share for basically 90% of the market.

So there's a market leader that has four times the market share of the second place, that's two times the market share of the third place.

This is the case in pretty much every mature kind of competitive market.

So you can kind of think about AI probably evolving into a consumer market and an enterprise market.