Chamath Palihapitiya

We are going to see a trillion dollars in build-out over the next year.

I don't know if this is even possible, but this is all being driven by AI and cloud computing.

Google Cloud, which includes the Google Suite, that grew 63% year on year.

Let that number sink in.

63% on 20 billion in revenue.

That's in a quarter.

Microsoft Cloud, that includes Azure, Windows Server, SQL Server.

They bundled some things together there to get the number to go up.

That grew 30% on 34.7 billion in revenue.

Amazon Web Services, the original cloud, that grew 28% on 37.6 billion in revenue.

That's a bit of a pure play, just counts Amazon's web services.

Obviously, these are all moving to NeoClouds.

These are all serving AI jobs and tokens now.

They have a massive customer base, and the customers from the smallest startups all the way to the biggest frontier models cannot get enough compute, and it is going to the bottom line.

But this is shrinking Chamath cash flow massively.

These were free cash flow machines, the largest money printing machines in the history of humanity.

But they are giving up on free cash flow, stock buybacks, and dividends, and the focus on those three to invest in infrastructure.

Amazon's free cash flow down 97%, Google, Microsoft, and Meta down 12%, 12%, and 8%, respectively.

Your thoughts on this free cash flow, the end of the free cash flow deluge, and the massive, massive investment we're seeing in CapEx.

I think we're seeing a very important structural shift in the capital markets.