Dylan Patel

But now OpenAI is, you can't rely on their balance sheet.

I still have amazing margins when I sell to OpenAI, but they don't have a balance sheet.

So how can I be sure that they're actually going to pay the thing that they've signed up to?

In theory, this contract is worth a ton of money.

In Cornwall's books today, all the contracts they've signed are mostly Microsoft, mostly money in the bank.

The OpenAI contract's like, what if they can't afford to pay for this?

Okay, now there's a bigger risk.

And there's a longer and longer tail of these businesses.

So yeah, you absolutely can make a ton of money

There've been more recent deals with crypto miners, Google and Fluidstack, because Google's really short on data center capacity.

People want to use more TPUs.

They can't serve them all themselves.

So they're going to sell TPU systems to providers.

They're backstopping the deals with, TerraWolf is one of the companies.

I can't remember the other one, but there's two companies they've signed deals with where they're backstopping the data center, plus like selling the TPUs physically to another company.

And then they're being deployed and then they're getting rented and Google still makes all the money.

But like those companies, you know, yeah, that's great as well.

But then there's a long tail of like, is the enterprise demand there?

Who's taking the risk?

And it's like OpenAI is taking the risk because they're betting their entire company could go bankrupt if it doesn't come.