Coleman Church

But there's still a cycle that comes along where there's the euphoric cycle and then the crash cycle.

And then on the back end of that, you have the winners that survive, like the Amazons, right?

That you could have bought for practically nothing in 2002.

Yeah.

And then there were, you know, companies like, similar to me, to the hyperscale data center, were the fiber companies, like Global Crossing, WorldCom, right?

And those were bubbles that crashed.

But what were they doing?

They were laying fiber cable for the internet, which...

Okay, we had a malinvestment boom, the companies crashed, but the cables still exist and the cables are in use today and the cables were very valuable and the cables didn't depreciate because the cables have a useful purpose.

So the people are making the same argument now is like, okay, we may go through that cycle as well.

It's maybe get a little fork.

There'll be, there'll be winners and losers out of this and it'll be fine down the road and AI is not going away.

I'm not here to disagree with that.

But there's a slightly different component where you, you're building these things that aren't, that could, you know, you're buying all these chips that could depreciate down.

It's not exactly the same trick.

The thing that we're really running up against... Do we know that?

We don't.

You're exactly right.

And I think there's... The worm's turning a little bit on the efficiency of a lot of these.

Yes.