Ed Elson

It's never been cheaper.

At some point, they're going to have to.

Well, I think there'll be a war and the cost will come down.

It's pretty inexpensive right now.

Well, actually, it may get cheaper with these Chinese open way models.

But let me summarize this word salad.

There has never been a moment in history where despite the unparalleled revenue growth, which Mark Mahaney reminded us of, the RBC analyst in San Francisco.

There's never been revenue growth like this.

There has never been a time when you've had this type of percentage of GDP invested in infrastructure that hasn't resulted in a subsequent crash.

The railroads proved to be transformative.

The internet proved to be transformative, as did the highways.

But part of getting there was a froth and a market that crushed early investors.

Or not early investors, but investors buying at what was, I don't know what you call it, the first peak, if you will.

Yeah, the IPO.

Yeah, Amazon and Cisco lost 90 plus percent of their value from 99 to 2001.

Obviously, Amazon came back and then some.

Cisco did not.

But these capital wars are...

are just extraordinary.

We've never seen anything like it.