Dylan Patel

Because that's what it is at the end of the day.

OpenAI is committing to five-year deals.

These five-year deals cost X amount of money.

It's $10 to $15 billion per gigawatt of data center capacity that you pay a year.

And then that $10 to $15 billion for a gigawatt of data center capacity, you're paying that for five years.

Okay, that's $50 to $75 billion of cash that goes out the door to open AI for one gigawatt of capacity.

And you talk about what Sam's saying is like, hey, I need 10 gigawatts, more than 10 gigawatts.

Then you end up with this challenging aspect of like, how do you pay for that?

And hey, that's only the rental price.

If I were to actually do the CapEx, because it's front-loaded, right?

It becomes, who is the balance sheet for this?

That's the reason these deals are coming about.

Oracle is making a massive bet.

Larry, he's getting good margin off of it, but he's making a massive bet that this CapEx that he's going to pay for OpenAI will actually be paid.

Because he signed a $300 billion deal with OpenAI.

It's like...

your revenue is like 15 billion ARR this month, maybe, on a run rate basis.

It'll get to 20 by the end of the year, pretty clearly.

Maybe it's like 16 now.

But it's very tough to get to, how do you pay $300 billion of revenue?