Ed Elson

That is insane.

And so what they're saying to the market is, okay, you want some of that upside of incredible infrastructure investment on this brave new world of AI, which has a TAM the size of

you know, not Everest, but of constellations, okay, you can get some of that upside with us.

And there's a whole lot of less downside.

If AI doesn't work for Alphabet or it doesn't live up to the expectations, it's still an amazing business.

And so what they're doing is they're cutting the line and saying, okay, if there's this cheap, i.e.

stupid capital out there that is so dying to get into this business,

that they'll pay this type of valuation, fine, here you go.

We're cutting the line and we're gonna take $85 billion off of the table because the cruelty of the capitalism is that every resource is finite.

And the amount of new capital willing to go into AI infrastructure bets is finite.

And they're about to take $85 billion off the table.

So I wouldn't be surprised if we see Amazon all of a sudden announce a new equity offering.

I think this is genius, cutting the line and taking $85 billion of cheap capital off the table and saying, hey, folks, look over here.

We're –

We're hot, we're in the hot space, and there's less downside with us.

I think it's brilliant because AI has become the railroad boom of the 21st century.

And that is everyone agrees it's transformative, but it's more difficult.

The harder question is whether or not the people laying the tracks will earn a return on that capital.

And every time we've had this kind of CapEx in the past, whether it's the highways or

the global telco build out in the late 90s or railroads twice, the electric grid, there's usually a bit of a crash following it as people realize the ROI is just not there.