Gil Luria

And it aligns them with where they need the cash.

Sometimes you have cash in one country and you actually need another.

And so a lot of this is tactical, treasury management.

Some of this is strategic though, but let's not forget that Microsoft, Amazon, Google, OpenAI, Anthropic, Meta, Elon are all in this big competition to be the biggest winners in AI, which is going to be a very expensive competition.

that many of them believe is going to be winner-take-all or at least winner-take-most.

They believe that because their existing markets are like that.

So what they're trying to do, and Google is doing this by issuing a 100-year bond,

is to say, we're in it for the long haul.

We are going to spend as much as it takes to win.

And they're not the first ones to do this.

Mr. Zuckerberg at Meta signaled the same thing by increasing his CapEx continuously

and by paying tens of billion dollars for talent.

I forget, he paid $14 billion to hire Alexander Wang.

So we're having this kind of signaling in the market by these really large players that are saying, you know what?

We're going to outlast everybody.

You should blink before we do.

I would say that it's a concern for whoever loses.

Whoever wins, all this CapEx will have been a great investment.

If there's any losers in that group that I mentioned, they're going to be stuck with a lot of infrastructure that they're going to have to sell at a discount.

So that's the concern.