Dylan Patel

And it's, you know, I just want you to like more concretely state that this is the business you don't want to be in.

But like Oracle is going from like one fifth your size to bigger than you by end of 2027.

Right.

And while it's not a Microsoft-level quality of return on invested capital, they're still making 35% gross margins.

The question is, hey, it's not Microsoft's business to maybe do this, but you've created a hyperscaler now.

by refusing this business, by giving away the right of first refusal, et cetera.

So there's sort of two questions here, right?

Like why couldn't you just do both is one.

And then the other one is, given our estimates on what your capacity is in 2028 is three and a half gigawatts lower.

Sure, you could have dedicated that to OpenAI training and inference capacity, but you could have also dedicated that to, hey, this three and a half gigawatts is actually just running Azure, is running Microsoft 365, it's running GitHub Copilot.

It doesn't actually, I could have built it and not given it to OpenAI.

How do I rationalize this statement with what you've done over the last few weeks?

You've announced deals with Iris Energy, with Nebius and Lambda Labs, and there's a few more coming as well.

You're going out there and securing capacity that you're renting from the neoclouds.

Yeah, and then when you look at where they are, Google's way ahead of everyone else.

They've been doing it for the longest.

They're going to make something like 5 to 7 million chips of their own TPUs.

You look at Amazon, they're trying to make 3 to 5 million.

But when we look at what Microsoft is ordering of their own chips, it's way below that number.

You've had a program for just as long.