Downtown Josh Brown

So how do you think about the juxtaposition between global uncertainty, what's going on with the straight,

And the juxtaposition of that between our economy, which has proven to be remarkably resilient, and the consumer that powers the economy,

Despite the tariffs and the inflation and the AI uncertainty and everything that has been thrown at us, our economy just continues to chug along.

And when you're making investment decisions, there's this push and pull between the fears and whatever might or might not happen versus what is happening today.

And what is happening today has been a continued, remarkable push through all of these dangers.

So this is a key part of the story.

As you mentioned, all of these hyperscalers were producing more money than they didn't know what to do with it.

Just sitting on hundreds of billions of dollars.

Buying back stock.

Yeah, buying back stock.

So that's no longer the case.

Google did an equity offering for the first time, I think, since 2001 recently.

They raised $10 billion.

Oracle announced earlier in the year, in their last call, that they were going to do $20 billion of equity, another $20 billion of debt.

NVIDIA, to your point, first time since 2021, they're raising $20 billion.

You guys actually were a big part of the financing Meta's Hyperion data center, right?

Is that in Louisiana?

You guys worked.

So was that with Blue Owl?

Okay, so you obviously have a great lens into what's happening with the build-out and where this is going for the next 10 years.