Ian Dunning

We can apply very strict controls around this model because it's a well-posed problem.

We're not taking giant idiosyncratic risks in one name for months at a time.

We can sleep at night because of this.

I don't know how you apply the same thinking to like a fundamental long short thing where you have to put a trade on and it's for three months and you're intentionally taking a very large risk in a very certain direction.

What's the risk management story around the AI if you just give up all control to just the magic prediction?

It's definitely hard to find sites at short lead times.

If I went to the market and said, I want 6,000 Blackwell GPUs in a box somewhere in North America for delivery in Q4,

I'm not sure such an offering exists at any reasonable price.

Maybe someone will give up a lease and I could snag it, but I think if I went to the market and tried to get a quote on that.

I think if I had power, I could get the chips, Blackwell chips for delivery this year, but I do not think I could get the whole solution.

And then if you go into 2027 for the next generation of GPUs, the Rubin GPUs, they, at least for the first stretch, are going to be very much sold out.

And so I think that's a good... Maybe you actually have, on a 2027 delivery, you have more luck finding a data center shell by then.

But you need to be in queue now for those GPUs if you want them early.

So those things are in demand.

I'll say that for sure.

And...

one one of my greatest failures has been uh you know part of my skepticism has been predicting how many gpus we would need and a long enough horizon and it's punishing because it you're constantly playing catch up and uh one of our competitors put out a podcast this weekend and uh they mentioned something along the lines of the fact they they had one data center and it was the data center and that was their data center and then

as they're hungry and hungry for more compute, they had to go out and find it wherever they could.

And I would say we are in exactly the same boat.

You just can't be picky.