Ian Dunning

It's getting better at this point.

I think we've entered enough deals with enough people that I think we have that.

But we've had everything from people being like, oh, you've issued bonds?

What's the rating on those?

To not wanting us to sell too much of one site because if we take all their power rights and then go bust,

they might have a long lead time where they can't get another tenant and fill that.

And so there's a kind of two-party problem to this where it's like they want customers, but there's presumably a lot of customers, but maybe not as many customers are willing to do the big size and pay more upfront.

But, you know, we're looking at their CDSs on some of these ones and thinking about how that affects our, you know, maybe we should pay you $3.50 an hour and take out a CDS for $0.10 per hour equivalent of insurance on your heavy leveraged neocloud.

You're having a disruption.

No names.

But I think there's reason to be cagey on both sides, because this has all come from nothing like a year ago.

We weren't there asking for it, and they didn't exist to sell it.

And so the only rock is Nvidia, I guess, an extremely well-capitalized entity who is not going anywhere and is making a lot of GPUs.

And we have a very positive relationship with them.

And I think that is also a material factor.

Or build your own.

Yes, say more.

Well, many people, I guess, now are working on building their own chips for inference, which is a strictly simpler technological problem.

And ourselves and many of our peer trading firms have hardware teams to tackle this.

And you can outsource parts of that process, so it's not as daunting as it seems.