Dylan Patel

No VBA users, yes.

But like, it's not even that terribly bad for making macros, but the value creation potential there is incredibly high.

So let's capture it.

How do you capture it?

This draws back to the OpenAI NVIDIA deal because I think most people in the market don't quite get it right.

They're like, oh, this is just like round tripping.

It is to some extent.

They agreed, 10 gigawatts of capacity, NVIDIA will do $100 billion of equity investment into OpenAI in the form of cash.

And NVIDIA gets return capital.

The first chunk of the deal in the press release is one gigawatt, $10 billion.

So pretty straight line.

One gigawatt to build, as we established earlier, is like $50 billion.

So NVIDIA is paying $10 billion.

OpenAI still has to come up with other 40 somehow.

Go to the markets, get a loan, or get someone else to put a loan, right?

There's infrastructure funds that are trying to get into this.

All these commercial real estate people are trying to get in this.

There's some way where they'll be able to figure out other people to front the capital and then come up with a deal much like it is Oracle, but OpenAI has to do more of the work in terms of setting up the cluster, the software, the networking, etc.

The nice thing for NVIDIA is, of that 50 billion they capture, maybe 35 billion of that is CapEx that goes directly to NVIDIA.

So year zero, OpenAI slash its partner spends $50 billion on the data center.