Dylan Patel

If the bet works out, they've just made 100 billion of profit.

Pure cash profit.

It's crazy.

But if it doesn't work out, they've got this huge... And they're starting to raise debt.

There was a small deal they signed recently, but they're going to start raising more and more debt.

Now, NVIDIA's kind of got the same conundrum, right?

It's like,

Google and Amazon are doing these deals, whether it's to other vendors for TPUs or for Tranium, whether it's Anthropic or others.

They're trying to court OpenAI.

They're trying to court other companies.

How do I get into this game, right?

Okay, fine.

I can rely on Microsoft somewhat.

I can rely on Oracle somewhat.

But at the end of the day, if I want GPUs to be king, part of it is just like my chip is the best.

But part of it is also who's going to pay the capex up front?

Google and Amazon will pay the CapEx up front if it's for TPUs or Tranium.

They won't pay the CapEx up front necessarily for that same capacity of GPU.

So you've got this like challenging aspect.

And so that's where this NVIDIA and OpenAI deal comes from.