Gavin Baker
speaker
1,686 appearances
2 recordings
1 series
first heard May 2026
last heard 4 Aug
Gavin Baker’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.
Appearances
This is all a little bit, you know, I think we spoke.
No, but the time before that about kind of the risks of a Blackwell air pocket.
Oh, yes.
Where you're spending hundreds of billions of dollars on Blackwells.
They're mostly being used for trading initially.
Trading does not generate a return.
This could be a risk.
We actually really saw that in the first quarter.
I think one reason to the podcast two months ago, I got comfortable with that risk was just that you were seeing such incredible things out of Anthropic.
And then it's like, okay, well, the market's kind of going to look past this.
And it did look past it in April, in May, in June.
And then in July, because of this kind of confluence of things, stopped looking past it.
Just as the operating cash flow started to really accelerate.
And this is just a fact.
It is accelerating at big scale.
You know, like Microsoft, they brought on a huge slug of capacity in the month of June.
That didn't even show up.
in the second quarter.
So essentially, what this all comes down to is, do you believe that the quantitative demand signals seen on the ground here in Silicon Valley from private companies are going to continue such that the installed base of compute reprices higher as contracts roll off, operating cash flows go up, and you can fund most of this out of operating cash flows, maybe all of it.
Like if it reprices at current rates,
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