Friedberg

It's still generating revenue for them.

And I think that the, remember, the cost of electricity and the cost of running the data center is still an expense in that period.

So all of that shows up as an operating expense.

So if it's generating negative profit, negative gross profit, the market sees that.

And I will say one more thing that I think is really important.

And they would turn it off.

You get, look, there's no hidden information here.

Burry's implication that they are cooking the books or hiding accounting is completely false because all of the accounting is apparent in the cash flow statement and in the balance sheet.

Remember, companies have three financial statements, an income statement, a balance sheet, and a cash flow statement.

The cash flow statement reconciles the income statement and the balance sheet, makes the linkage, and it shows you all the cash that's going in and out of the company.

And many analysts and many investors that are intelligent and do their homework will look at the cash flow statement and they will see the capex.

They will see all the investments going out and they will calculate a number typically called free cash flow that will allow them to estimate the true cash generation of the business in a particular period and make an assessment of should they be valued on free cash flow or should they be valued on the gap standard of EBITDA?

And the investor has the choice on how they want to value the company.

And Burry is incorrect in thinking that they're hiding anything because it's all there.

They're following GAAP standards.

And then investors make a market.

And they all decide, what do I want to value this company on?

Cash flow?

EBITDA.

Let them choose.